Shell reported adjusted earnings of $39.9 billion for the full-year 2022.
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British oil giant Shell on Thursday posted stronger-than-anticipated first-quarter profit, extending a record run of bumper results after commodity prices surged in 2022 following Russia’s full-scale invasion of Ukraine.
Shell reported adjusted earnings of $9.6 billion for the first three months of the year, comfortably beating analyst expectations of $8.6 billion, according to Refinitiv.
The company posted adjusted earnings of $9.1 billion over the same period a year earlier and $9.8 billion for the final three months of 2022.
Shares of the oil major rose 3% during early morning deals.
Flush with cash, Shell held the rate of its share buyback program steady at $4 billion over the next three months and kept its dividend unchanged at $0.2875 per share.
Shell said its quarterly results reflected improved operational performance and lower costs to run its day-to-day business. It added that robust results from fuel trading and optimization offset the impact of weaker oil and gas prices.
The company reported first-quarter net debt of $44.2 billion, down from $48.5 billion when compared to the same period a year earlier.
Reflecting on the first-quarter earnings, CEO Wael Sawan said the company “delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy.”
Shell’s results follow hot on the heels of U.K. rival BP, which on Tuesday reported a drop in first-quarter profit but beat analyst expectations on robust oil and gas trading. Shares of BP fell on the news, however, as the London-listed company said it planned to slim down its share buybacks.
A blockbuster 2022
Big Oil smashed previous annual profit records in 2022 during a period of volatile oil and gas prices in the wake of Russia’s full-scale invasion of Ukraine.
For its part, Shell posted adjusted earnings of $39.9 billion for the full-year 2022. That comfortably surpassed the $28.4 billion in 2008 which Shell said was the firm’s previous annual record and was more than double the firm’s full-year 2021 profit of $19.29 billion.
Big Oil executives have typically sought to defend their bumper profits amid a barrage of criticism, tending to highlight the importance of energy security in the transition away from fossil fuels and suggesting higher taxes could deter investment.
The burning of fossil fuels such as coal, oil and gas, is the chief driver of the climate emergency.
Shell, which is aiming to become a net-zero emissions business by 2050, said that first-quarter adjusted earnings for its Renewable and Energy Solutions unit came in at $389 million, up from $293 million for the final three months of last year.
A new, all electric Peterbilt 579EV is in-service at Honda’s Lincoln, Alabama assembly plant, where it’s busy transporting newly-built Honda cars from the plant to a nearby railhead for shipment to dealers across the country.
Part of a pilot program between Honda, Alabama Power, and Virginia Transportation Corp., the new electric semi truck will help stakeholders gather data about the practicality and performance of the battery-powered Pete and use it to generate case studies for broader electrification initiatives. Other supporters of the pilot project include the Alabama Clean Fuels Coalition and, of course, Peterbilt.
“We remain committed to delivering for our customers and the environment,” offered Leo Doire, owner and CEO of Virginia Transportation Corp. “Our new Peterbilt 579EV model will be tested to determine how well it performs against the high productivity demands of our operations. The partners we have at the table will help us maximize this opportunity and prepare to scale up if we get the results we are hoping for.”
The truck itself has been spec’ed to be perfect for the kind of short haul and drayage applications Honda has in mind. This particular Peterbilt 579EV is fitted with PACCAR’s 400 kWh battery and a 670 hp electric motor good for an impressive 2,050 lb-ft of peak torque at 0 rpm.
The truck offers 150 miles of operating range and can be charged in about 3 hours on a 120 kW charger installed specifically for that purpose. A charger, it should be noted, that was partially paid for by Alabama Power.
“Alabama Power’s ‘Make Ready’ program provides businesses with valuable rebates to help reduce the upfront costs of installing EV infrastructure,” says Alabama Power Electric Transportation Manager Hasin Gandhakwala. “We are committed to partnering with customers who are exploring state and federal grant opportunities. Alabama Power is dedicated to advancing EV technologies to better serve the needs of our customers.”
With the big Pete’s 82,000 lb. GVWR and 150 miles of range between charging sessions, it seems like these guys will be making a lot of back-and-forth runs between the Honda plant and the CSX terminal to me. Here’s hoping they see the benefits of electrifying the rest of their vehicle transport fleets somewhat sooner than later.
On today’s episode of Quick Charge, we’ve got big solar breaking ground all over, despite the incoming administration’s supposed lack of love for home-grown clean energy. Our guests today walk us through home solar, energy storage, and more.
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Tesla is now using ‘Tesla Electric’, its electric utility service in Texas, to help sell cars with a new incentive.
After gaining experience through its virtual power plants (VPPs), Tesla took things a step further with the launch of “Tesla Electric” back in 2022.
Instead of reacting to specific “events” and providing services to your local electric utilities, as Tesla Powerwall owners have done in VPPs in California, Australia, and a few other markets, Tesla Electric is actively and automatically buying and selling electricity for Tesla Powerwall owners – providing a buffer against peak prices.
The company is essentially becoming an energy retailer.
Tesla Electric is currently only available to Powerwall owners in Texas and the UK, but the company has plans to expand its products through this new division.
The company has been growing its Tesla Electric userbase in Texas and now it plans to use it to help sell cars.
Tesla has two different plans under the program:
Feature
Tesla Electric Fixed Plan
Tesla Electric Dynamic Plan
Pricing Structure
Competitive fixed rate for electricity, with a discounted rate during low-cost hours.
Competitive variable rate, with higher rates during peak demand periods.
Contract Term
12-month commitment.
Month-to-month flexibility.
Unlimited Vehicle Charging
Available for an additional $15/month per vehicle, allowing unlimited charging.
Available for an additional $25/month per vehicle, allowing unlimited charging.
Powerwall Credits
Earn $400 credit per year per Powerwall by participating in the Tesla Virtual Power Plant, with Tesla managing the Powerwall to share energy with the grid when needed.
Earn $120 credit per year per Powerwall by participating in the Tesla Virtual Power Plant, with the customer managing the Powerwall to optimize earnings.
Energy Sharing with Grid
Sell energy back to the grid at a fixed rate per kWh.
Sell energy back to the grid at 90% of the real-time market price per kWh.
The first one enable you to charge your electric car for just $15 a month.
With this new incentive, Tesla is brining that down to $5 a month for a year for people who take delivery by the end of the year:
Get $5/mo Unlimited Overnight Charging With Tesla
To get unlimited overnight charging for $5 per month per vehicle for a full year, you must complete the following steps by December 31, 2024:
Order and take delivery of a new Tesla vehicle
Sign up for the Tesla Electric Fixed Plan
To be eligible, you need to live in an area of Texas that allows you to choose your electricity provider, be a new Tesla Electric member and take delivery of a new Tesla vehicle. Promotion is subject to change at any time.
This appear to be part of Tesla’s effort to deliver a record number of more than 515,000 vehicles in Q4 in order for its annual deliveries not to be down for the full year.
ver the last few weeks, we have been reporting on a series of sale incentives that Tesla has put in place to make sure it has the demand to achieve this record quarter.