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The BP logo is displayed outside a petrol station near Warmister, on August 15, 2022 in Wiltshire, England.

Matt Cardy | Getty Images News | Getty Images

LONDON — Oil major BP on Tuesday reported a steep year-on-year fall in profits, missing analyst estimates.

The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $3.293 billion in the third quarter. This was a drop from $8.15 billion over the same period last increase, but an increase from the $2.59 billion of profit recorded in the second quarter.

Analysts had expected profit to come in at $4.059 billion in the third quarter, according to a collection of estimates by LSEG.

BP’s London-listed shares fell 4% in early trade.

Quarterly growth came from a rise in oil and gas production and higher realized refining margins, along with a “very strong oil trading result,” BP said. This was partially offset by a weak gas marketing and trading result.

The company flagged impairments of impairments of $1.2 billion, including a pre-tax $540 million impairment charge related to U.S. offshore wind projects.

Capital expenditure was $3.603 billion, compared with $4.314 billion in the previous quarter. Operating cash flow was higher both quarterly and year-on-year, at $8.747 billion.

BP also announced a $1.5 billion share buyback to be executed ahead of fourth quarter results.

“Looking divisionally, despite some solid operational indicators, earnings missed across all divisions,” Biraj Borkhataria, associate director of European research at RBC Capital Markets, said in a note.

Borkhataria added that while the headline 20% net profit miss may come as a surprise, BP has seen “exceptional gas trading results on several occasions in the last couple of years, including last quarter.”

The year-on-year profits of BP and other energy majors plunged in the second quarter, following weaker fossil fuel prices that have since risen sharply. BP and others reported record annual profits in 2022.

In its outlook, BP said it expected production restrictions from members of the Organization of the Petroleum Exporting Countries and demand rebound to support oil prices. It also anticipates industry refining margins wil be “significantly lower” in the fourth quarter.

BP was rocked in September by the sudden departure of CEO Bernard Looney, who resigned after admitting he had not been “fully transparent” in his disclosures about past relationships with colleagues, before taking the top job.

The role is being filled on an interim basis by CFO Murray Auchincloss.

“This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery,” Auchincloss said in a statement.

The company’s U.S. boss, Dave Lawler, announced his resignation shortly after Looney without providing further details.

Leadership challenges have not dented BP’s share price, which gained 15.8% in the quarter ending on Sept. 30 and is up nearly 12% in the year to date, according to LSEG data.

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Is this the interior of Tesla’s upcoming ‘Robotaxi’?

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Is this the interior of Tesla's upcoming 'Robotaxi'?

Tesla has released a new video that includes some footage of a previously unseen vehicle interior. Could it be an early concept of the interior of the Robotaxi?

For the last few years, Tesla has been working on a vehicle designed from the ground up to be a self-driving vehicles. The company has been referring to it as ‘Robotaxi’.

CEO Elon Musk insists that Tesla is still dedicated to delivering its promised self-driving capability to existing vehicles delivered since 2016 through software update, but it also decided to build a new vehicle designed entirely around the fact that it will be driverless.

Not much is known about the vehicle other than hints that it won’t have a steering wheel or pedals, and that it will be “Cybertruck-like” in terms of design.

Now, Tesla has released a new video, which Musk wanted to make clear he wasn’t involved in, to try to encourage shareholders to vote for his $55 billion compensation package and moving the company’s state of incorporation to Texas:

In the video, many pointed out a shot of the interior of a vehicle that doesn’t match anything Tesla has released to date:

The image shows what appears to be a two-seater vehicle without steering wheel and a center display similar to what is found in current Tesla vehicles.

The seats are unlike what you would find in modern vehicles and something closer to what you would find in public transit, like a train:

Tesla plans to unveil its ‘Robotaxi’ on August 8th. The automaker has recently accelerated its timeline for the vehicle and plans to bring it to market as soon as next year.

Do you think this is an early concept for the Tesla Robotaxi interior? Let us know in the comment section below.

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Mercedes-Benz just opened more DC fast chargers at Buc-ee’s in Texas

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Mercedes-Benz just opened more DC fast chargers at Buc-ee’s in Texas

Mercedes-Benz High-Power Charging just opened more DC fast chargers at Buc-ee’s stores in the Dallas-Forth Worth area.

Three new Mercedes DC fast charging stations are at Buc-ee’s in Fort Worth, Temple, and Royse City. Mercedes asserts that every one of its chargers offers up to 400 kW of power.

It’s also adding 12 more charging stations at Buc-ee’s in the Dallas-Fort Worth, San Antonio, and Houston metro areas – also known as the Texas Triangle, home to 68% of Texans:

Buc-ee’s isn’t your typical convenience store – they’re huge, with some stores covering over 50,000 square feet, and they offer a wide variety of items, including snacks, beverages, fresh food, clothing, home decor, and Texas-themed merchandise. It’s known for its homemade fudge, jerky, and beaver nuggets (caramel-coated corn puffs). Most Buc-ee’s locations are open 24 hours a day, seven days a week.

In November 2023, Mercedes announced it had made an agreement with Buc-ee’s to build EV charging hubs at most of its existing stores. Mercedes is aiming to have around 30 online by the end of the year. There are currently 48 Buc-ee’s locations across the US South, 34 of which are in Texas.

When I spoke to Mercedes-Benz High Power Charging CEO Andrew Cornelia last year, he was passionate about the importance of placing EV chargers near amenities that travelers need.

Mercedes offers open access for all EV drivers, including roaming with other charging networks. Its charging hubs support contactless payments with credit cards or smartphone wallets.

The first Mercedes DC fast charging station came online last November at its headquarters in Sandy Springs, Georgia. Mercedes-Benz plans to deploy 2,500 high-powered chargers in 400 hubs by 2027.

Texas is the US’s No. 1 producer of clean energy and ranks fourth in public EV charging. However, to meet driver demand, the state needs around 95,000 more public chargers by 2027.

Read more: America, Mercedes-Benz wants you to indulge in retail therapy while you’re DC fast charging


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Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report

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Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report

Another EV stock may be removed from the Nasdaq exchange. After failing to file its annual report, Polestar (PSNY) received a notice from the Nasdaq as the company faces a possible de-listing.

Polestar, Volvo’s former high-performance unit, was established as an EV brand in 2017 under Geely’s control.

Since launching the Polestar 2, its first all-electric vehicle, the brand has expanded into 27 markets globally. The electric car has even become a top seller in several key markets like Norway, Sweden, and Germany.

However, like many EV startups, Polestar has hit its fair share of hurdles. After cutting guidance late last year (from 80K to 60K), Polestar still missed its target, delivering 54,600 vehicles last year.

In February, Volvo announced plans to sell 62.7% of its stake in Polestar as it looks toward its next growth stage. Volvo also confirmed it will “not provide further funding to Polestar” outside of its existing $1 billion outstanding convertible loan.

The news came after Polestar announced plans to cut 15% of its global workforce amid slowing EV sales earlier this year.

Polestar-de-listing
2024 Polestar 2 (Source: Polestar)

Polestar stock facing potential Nasdaq de-listing

After failing to file its annual report for the fiscal year ending December 31, 2023, Polestar received a deficiency notice from the Nasdaq.

The notice states Polestar is not in compliance with its listing rules, which require the timely filing of periodic financial reports.

Polestar-4-price
Polestar 4 (Source: Polestar)

Polestar said the notice has no immediate impact on the company’s listing. However, under the Nasdaq listing rules, Polestar has 60 days to submit an action plan. If Nasdaq accepts it, Polestar could be issued an additional 180 days from the notice date, or until November 2024, to regain compliance.

The company has already received consent from lenders under its nearly $1 billion 3-year loan facility for the late filing. Polestar says it is fully committed to regaining compliance.

Polestar is working to file the annual report “as soon as practicable” and to report Q1 2024 earnings shortly after.

Polestar-de-listing
Polestar (PSNY) stock chart over the past 12 months (Source: TradingView)

Polestar stock was down over 13% on Monday following the potential de-listing notice. PSNY shares are now down over 50% this year, hitting their lowest prices since going public.

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