London, February 09, 2025 (Oilandgaspress) –- Oil prices settled lower after Trump’s repeated pledge to raise U.S. oil production. Also potential tariffs on Canada and Mexico and the threat of a prolonged trade war between China and the U.S. continues to push prices down. West Texas Intermediate has been trading around $70 this week after posting two weeks of declines.
Baker Hughes Rig Count: U.S. +4 to 586 Canada -9 to 249
U.S. Rig Count is up 4 from last week to 586 with oil rigs up 1 to 480, gas rigs up 2 to 100 and miscellaneous rigs up 1 to 6.
Canada Rig Count is down 9 from last week to 249, with oil rigs down 9 to 177, gas rigs unchanged at 72 and miscellaneous rigs unchanged at 0.
International Rig Count is down 4 rigs from last month to 905 with land rigs up 1 to 713, offshore rigs up 5 to 197. International Rig Count is down 60 rigs from last year’s count of 965, with land rigs down 27, offshore rigs down 33.
The Worldwide Rig Count for January was 1,696, up 36 from the 1,660 counted in December 2024, and down 87, from the 1,783 counted in January 2024.
| Region | Period | Rig Count | Change |
| U.S.A | 07 February 2025 | 586 | +4 |
| Canada | 07 February 2025 | 249 | -9 |
| International | January 2025 | 905 | -4 |
Accenture has announced a sweeping rollback of its diversity, equity, and inclusion (DEI) programs, signaling a major shift in corporate policy. The move, confirmed by CEO Julie Sweet in an internal memo to employees, follows similar actions by Google and highlights growing scrutiny of workplace diversity initiatives worldwide.
The decision comes as DEI programs face increasing legal and political challenges, particularly in the U.S. While Accenture has framed the shift as an effort to refine its inclusion strategies, reports suggest compliance with regulatory changes may be a key driver—especially given Accenture Federal Services’ lucrative contracts with the U.S. government..Sweet’s memo outlined key changes, including the elimination of global diversity quotas, pausing submission to external DEI benchmarking surveys, and the discontinuation of career development programs designed for specific demographic groups.
Despite these changes, Sweet insisted Accenture remains committed to fairness in the workplace. Read More
Oil and gas traders are likely to request tariff exemptions from Beijing, according to a Reuters report.
The Chinese government intends to implement these tariffs on US crude and liquefied natural gas (LNG) imports starting February 10. In the escalating trade tensions between the US and China, new tariffs have been implemented by both sides Shortly after US President Donald Trump imposed tariffs on Chinese goods, China retaliated with its own set of tariffs. China’s Finance Ministry announced that it would impose a 15% levy on imports of US coal and LNG, and a 10% levy on crude oil.
These tariffs, along with additional levies on farm equipment and certain automobiles, are set to take effect on February 10. Read More
(Reuters) – Oil and gas traders are likely to seek waivers from Beijing over tariffs that the Chinese government plans to impose on U.S. crude and liquefied natural gas (LNG) imports from February 10, trade sources said on Thursday. Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on Tuesday, China’s Finance Ministry said it would impose levies of 15% on imports of U.S. coal and LNG and 10% for crude oil as well as on farm equipment and some autos, starting on February 10. Read More
.Nissan is due to step back from talks with Honda, which would have seen the two huge Japanese car companies merge in a £48 billion deal.
Talks between the two brands began in a bid to give Nissan more financial support after it ended an alliance with Renault Group and Mitsubishi, which began in 1999, with some sources warning in November that the Japanese brand would have just 14 months to survive without a partner. Read More
BlackRock, the world’s biggest asset manager, has declared there is no longer any need to shout about net zero in the latest sign of its retreat from so-called woke capitalism. The firm’s boss, Larry Fink, was previously a vocal advocate of the need for action to address climate change – a stance which caused BlackRock to come under sustained attack from US conservative politicians. But the asset manager has since signalled a major retreat. Last month, it withdrew from the global Net Zero Asset Managers (NZAM) group, which was committed to the goal of net zero emissions by 2050. It echoes moves by a series of big US lenders which have pulled out of a similar net zero alliance for banks in recent weeks.
In language that is likely to raise the hackles of the green brigade, Rachel Lord, a top British executive at the US-based firm, recently said that being ‘vocal and loud’ on the topic was no longer necessary. Read More
According to Oxfam, the world’s wealthiest 1% are responsible for more than double the carbon emissions of the poorest 50% combined. This staggering statistic highlights the massive imbalance in contributions to climate change.
The affluent often indulge in luxury habits like frequent private jet use and maintaining oversized mansions, which greatly amplify their environmental impact. It’s like a drop in the ocean compared to a tidal wave; the difference is vast and undeniable. When it comes to policy change, the rich have a significant influence. They possess the resources to lobby against initiatives like higher taxes on luxury emissions or stricter environmental regulations, which could directly impact their lifestyles.
Imagine having the power to change the rules of the game in your favor; that’s the advantage the affluent hold. This resistance not only stalls meaningful progress but also perpetuates a system where wealth can shield one from accountability. Read More
Hyundai Motor Manufacturing Alabama (HMMA) hosted its fourth annual Hyundai Initiative for Robotics Excellence (HIRE) School Robotics Tournament on February 6 and 7, 2025. The VEX IQ Robotics competition was held at the HMMA Training Center and was comprised of teams from Montgomery public, Autauga County, and Selma city schools.
In 2019, HMMA teamed up with Auburn University’s Southeastern Center of Robotics Education (SCORE) to start the HIRE program. The goal of HIRE is to establish robotics teams at local schools to seed the next generation of a technically proficient workforce. The HIRE program will establish a much-needed emphasis on STEM education and academic excellence within the public school system. 120 Montgomery, 80 Autauga County, and 50 Selma City public school students competed in the competition with Autauga and Selma competing on Feb 6 and Montgomery competing on Feb 7. The competition pits local schools’ robotics teams and their student-created robots against one another in skills trials, engineering notebook judging, qualifying matches, and championship matches. Engineering team members from HMMA and Montgomery Preparatory Academy For Career Technologies (MPACT) served as judges. Read More
The fifth-generation Hyundai Santa Fe has been named Best Car of 2025 and the Hyundai Palisade has been named Best Family Car of 2025 by the automotive experts at Cars.com. These Hyundai SUVs were judged the best by Cars.com’s Editorial team of veteran car reviewers, with the Santa Fe topping all other new and redesigned 2025 models while the Palisade surpassed all family focused 2025-model-year vehicles.
The all-electric Hyundai IONIQ 5 N SUV and IONIQ 6 sedan were also recognized as finalists in the car-shopping marketplace’s Best Car and Best EV categories, respectively. Hyundai’s product lineup continues to collect accolades for their bold designs, user-friendly interiors and advanced technology. Read More
Hyundai’s Santa Fe Hybrid and Kona SUV have been recognized in the 2025 PARENTS Best Family Cars Awards. The Hyundai Santa Fe Hybrid has been named Best Hybrid SUV and the Kona has been honored Best Compact SUV. PARENTS enlisted top family car experts to review and test new and existing models to highlight the best vehicles available for every type of family. Nearly 200 models were assessed, and the list highlights the premier vehicles that stand out to PARENTS’ judges for their safety, practicality, fuel efficiency, and value. Read More
Hyundai’s IONIQ 5 N electric SUV has been named MotorWeek’s 2025 Drivers’ Choice award for Best Performance Car at a ceremony during the Chicago Auto Show. The IONIQ 5 N stood out among other category finalists thanks to its engaging performance made possible by its Electric-Global Modular Platform (E-GMP) and N motorsport technologies. In addition to driving impressions, MotorWeek’s vehicle evaluations team considered reliability and value, as well as consumer trends. Read More
Rechargery., that’s the name that the new nationwide EV charging network called IONNA uses for its EV charging stations. Announced last year, IONNA is a joint venture backed by General Motors and seven other automakers that’s dedicated to rolling out convenient, attractive options for electric car owners looking for a place to juice up.
This week, IONNA launched its first location in the Research Triangle Park area of North Carolina. The Apex, NC Rechargery has 10 charging bays, supporting both NACS and CCS charging standards, with up to 400 kW of fast-charging capacity in each bay.
“For EV drivers used to nondescript fast chargers in the back of a grocery store parking lot, this IONNA Rechargery is going to provide a dramatically improved experience, responding to clear consumer feedback about what they want,” said Duncan Aldred, vice president of Global Commercial Growth Strategies and Operations said of his experience. “The connection between those of us developing EVs and a company building out charging helps ensure an easy, reliable experience.” The Apex IONNA Rechargery is the first entry of a planned coast-to-coast network that is expected to expand north into Canada in the coming years. The Apex location offers snacks, restrooms, complimentary WiFI – and it is pet-friendly. The opening marks the next phase in IONNA’s growth, as it moves from public beta to a national release. The ribbon-cutting this week signals a strong commitment to building a charging network designed and engineered in the U.S. Read More
In the age of electrification, what should a Cadillac V-Series performance vehicle sound like? Jay Kapadia, GM’s lead sound design engineer, came up with the answer, creating a comprehensive soundscape for the 2026 Cadillac LYRIQ-V — the first electric V-Series.
LYRIQ-V’s sound design is made of six “layers” of sounds that play through the vehicle’s 23-speaker AKG Studio Audio System. First is a base layer that is active under light acceleration, joined by a second layer that plays under heavier acceleration. The third layer is a simulated “rev” sound that kicks in when you blip the accelerator pedal when the car is stationary. The fourth is a low frequency tone that activates between 50 and 70 mph, while the fifth is a higher frequency that comes in above 80 mph. Finally, there’s a regen layer, which plays when the vehicle is slowing down using the regenerative braking system.
“The sound design was very critical for the car’s performance-driven DNA,” Kapadia says. “Firstly, the emotional impact of the driving experience. We wanted to evoke an emotional response, heightening the thrill of the acceleration, the speed, the power.” Read More
GM Energy is developing at-home power solutions for everyday challenges. The GM Energy Home System can help you worry less about your home’s power by providing more energy freedom. Store your own energy, keep your compatible GM EV powered up and so much more. This system is your key to smarter home energy management. Read More
Zhou Guanyu is taken on as a reserve driver for Scuderia Ferrari HP alongside Antonio Giovinazzi who continues in this role. For the Chinese driver, it is something of a homecoming, as he spent four years with the Scuderia Ferrari Driver Academy from 2015 to 2018. Zhou is the first driver from China to compete in Formula 1, racing for Alfa Romeo Racing in the 2022 and 2023 seasons, staying with the team under his Kick Sauber name in 2024. He has taken part in 68 Grands Prix, scored 16 points and twice set the race fastest lap. The Chinese driver returns to Maranello having previously spent four seasons with the Scuderia Ferrari Driver Academy. The Italian is reconfirmed in the role Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $71.00 | Down |
| Crude Oil (Brent) | USD/bbl | $74.66 | Down |
| Bonny Light 06/02/25 CBN | USD/bbl | $76.86 | Down |
| Dubai | USD/bbl | $77.04 | Down |
| Natural Gas | USD/MMBtu | $3.30 | Down |
| Murban Crude | USD/bbl | $77.29 | Up |
| OPEC basket 06/02/25 | USD/bbl | $76.45 | Down |
Volvo Cars reports second consecutive year of record sales, revenue and profits in 2024, anticipates challenging 2025
Full Year 2024
2024 revenue was SEK 400.2 bn (SEK 399.3 bn in 2023)
2024 operating income (excl. JVs and associates) was SEK 27.0 bn (SEK 25.6 bn in 2023)
2024 operating income was SEK 22.3 bn (SEK 19.9 bn in 2023)
2024 EBIT margin (excl. JVs and associates) was 6.8 per cent (6.4 per cent in 2023)
2024 EBIT margin was 5.6 per cent (5.0 per cent in 2023)
2024 basic earnings per share was SEK 5.17 (SEK 4.38 in 2023)
2024 fully electric car sales share at 23 per cent (16 per cent in 2023)
2024 free cash flow of SEK 1.1 bn (SEK –9.0 bn in 2023)
Quarter 4, 2024
Q4 revenue was SEK 112.1 bn (SEK 109.4 bn SEK in Q4 2023)
Q4 operating income (excl. JVs and associates) was SEK 6.3 bn (SEK 6.7 bn in Q4 2023)
Q4 operating income was SEK 3.9 bn SEK (SEK 5.4 bn in Q4 2023)
Q4 EBIT margin (excl. JVs and associates) was 5.6 per cent (6.1 per cent in Q4 2023)
Q4 EBIT margin was 3.4 per cent (4.9 per cent in Q4 2023)
Q4 basic earnings per share was SEK 0.84 (SEK 1.04 in Q4 2023)
Q4 fully electric car sales share at 21 per cent (16 per cent in Q4 2023)
Q4 free cash flow of SEK 13.6 bn (SEK 6.1 bn in Q4 2023)
Volvo Cars had a second consecutive record-breaking year in 2024 and today reports the highest full-year retail sales, revenues and core operating profit in its 98-year history. However, the company anticipates a turbulent 2025 due to challenging market conditions.
Full-year revenues exceeded SEK 400 billion for the first time in the company’s history, due to a new all-time sales record of 763,389 cars. Its full-year core operating profit of SEK 27 billion, excluding joint ventures and associates, was another record and up 6 per cent compared to 2023. The core operating margin came in at 6.8 per cent, up from 6.4 per cent in 2023.
Group operating income in the fourth quarter was affected by a SEK 1.7 bn write-down related to assets in the NOVO joint venture, before the company took full financial control of NOVO from an accounting perspective. Gross margins for the fourth quarter came in at 17.1 per cent, impacted by a one-time effect from the sale of on-balance sheet cars. This increased both revenue and cost of sales and lowered the Q4 gross margin. Volvo Cars also saw a considerably larger decrease in inventory during Q4 compared to the previous year, which further impacted gross margins. Margins were also affected by car line and sales channel mix as well as pricing pressure in the market, but this was partially offset by a more efficient cost structure for new car sales.
The company’s cash flow improved considerably in the latter part of the year and full-year free cash flow ended up positive at SEK 1.1 billion, thanks to diligent and disciplined cash management. Read More
The Extraordinary General Meeting (the “EGM”) of Volvo Car AB (publ) (“Volvo Cars”) on 6 February 2025 resolved to approve the Equity Transfer Agreement with Zeekr. The EGM resolved, in accordance with the Board of Directors’ proposal, to approve the Equity Transfer Agreement under which Zhejiang Zeekr Intelligent Technology Co., Ltd. (“Zeekr”) will acquire 30 per cent of the equity interest in Lynk & Co Automotive Technology Co., Ltd. from Volvo Cars wholly owned-subsidiary Volvo Car (China) Investment Co., Ltd.
Subject to the satisfaction of the remaining closing conditions, the transaction is expected to close during the first quarter 2025. . Read More
Daimler Truck cares about the future of the planet. In view of limited resources, the circular economy plays a decisive role. Mitsubishi FUSO Truck and Bus Corporation (MFTBC), the subsidiary of Daimler Truck based in Japan, contribute to this with their “Battery 2nd Life” initiative from February 2025. Used batteries from the eCanter, the successful battery-electric light truck on the Japanese market, will be used in energy storage systems.
MFTBC will conduct the field test together with the start-up CONNEXX SYSTEMS Corporation, who develop next-generation battery storage systems. Used batteries from the eCanter models are used and repurposed as a power source for the “EnePOND®1 EV Charger“ energy storage systems developed by CONNEXX Systems. These are integrated into the charging stations for battery-electric vehicles.
Reuse of high-voltage batteries brings numerous advantages
The „EnePOND® EV Charger“ energy storage system can reduce the load on the existing power grid. In addition, the fast charging of multiple electric vehicles, even in the event of power outages, will be possible. By repurposing used electric vehicle batteries, the expansion of the charging infrastructure can be accelerated and costs reduced, while extending the lifespan of the battery.
The initiative is part of MFTBC´s eMobility Solutions package, which provides customers with comprehensive support in the introduction and operation of electric vehicles. Overall, MFTBC´s goal is to establish a circular economy for batteries in order to maximize their material value, reduce overall cost of electric vehicles, and facilitate the shift to battery-electric mobility.. Read More
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