London, 29 July, 2023, (Oilandgaspress) : Profits for global oil majors dropped by about half in second half of 2023 compared to 2022, when Russia’s invasion of Ukraine sent oil and gas prices soaring.
At the end of May, Nigeria implemented a major reform in the domestic fuel retail market after Nigeria’s new President removed the fuel subsidies the government was paying for years. The subsidy was a huge cost to the federal government, which last year paid as much as $10 billion for the difference between fuel imported at market prices and sold at discounts to Nigerians.
The removal of the subsidy led to a 28% slump in average daily gasoline consumption in Nigeria in June, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said in figures released to Reuters earlier this month.Since Nigeria scrapped a state fuel subsidy on May 31, black market fuel vendors and commercial drivers in Cameroon, Benin and Togo who were heavily reliant on petrol smuggled from Nigeria have seen their businesses collapse. Read More
Yorkshire Water, an essential water and wastewater services provider for the Yorkshire Region, and Centrica Energy Trading, have announced signing a 15-year agreement to offtake biomethane production and manage shipping, trading, and balancing of production from two plants developed by SGN Commercial Services.SGN, a leading manager of natural gas and green gas distribution networks in Scotland and the south of England will design, develop and operate the biomethane gas-to-grid sites, which once operational, will produce approximately 125GWh of biomethane annually — enough to heat more than 10,000 UK households.
Biogas will be produced as a by-product of Yorkshire Water’s sewage wastewater treatment processes, where Centrica will offtake production from the site and subsequently manage shipping, trading, and balancing of the green gas. Biomethane will be injected into the UK grid to displace natural gas, providing cleaner and more resilient gas supplies that reduces dependency on outside energy imports. Read More
Iraq’s Ministry of Oil has announced finalised oil exports for June:
Total exports of crude oil: 100,059,052 barrels
Revenues from crude oil exports: $7.179760 billion
Oil fields in central and southern Iraq accounted for 98,725,620 barrels of crude oil exports.
Exports from Kirkuk through the port of Ceyhan have been suspended.
Oil exports to Jordan by truck were 299,445 barrels. (Exports from Kirkuk through the port of Ceyhan have been suspended)
Exports from Qayyarah were 1,033,987 barrels.
Average daily crude oil exports: 3.335 milllion barrels pre day, up from 3.305 million bpd in May.
Average price per barrel: $71.755. Read More
As part of its “One Nation” social responsibility platform to promote diversity, equity, inclusion and belonging (DEIB), U.S. Soccer, with support from Volkswagen, has partnered with the You Can Play Project to celebrate the LGBTQ+ community. The You Can Play Project is an organization dedicated to ensuring equality, respect and safety for all athletes, coaches and fans no matter their sexual orientation and/or gender identity.
Volkswagen and U.S. Soccer have collaborated with You Can Play to auction off special edition Women’s and Men’s National Team jerseys with rainbow-colored numbers inspired by Pride, with all proceeds going to You Can Play to help promote a safe and inclusive athletic environment for LGBTQ+ community members. Read More
The Supervisory Board reappointed Ola Källenius (54) as Chairman of the Board of Management of Mercedes-Benz Group AG until May 21, 2029, at its meeting today. It also extended the contract of Markus Schäfer (58) until May 21, 2026. As Chief Technology Officer, Markus Schäfer is the Board of Management member responsible for Development & Procurement. In accordance with the German Stock Corporation Act (AktG) and its own rules, the Supervisory Board renews appointments of members of the Board of Management in the final year of their term of office. The current contracts of Ola Källenius and Markus Schäfer are due to expire in May 2024. Last year, the Supervisory Board decided on more flexible guidelines for the appointment and reappointment of members of the Board of Management: For members who are 58 or 59 years old at the beginning of the contract, the term of office should not exceed two years; from the age of 60 years onwards, it should not exceed one year. Multiple contract extensions are possible. At its meeting today, the Supervisory Board also decided to change the title of Jörg Burzer’s Board of Management function to Production, Quality & Supply Chain Management (previously: Production & Supply Chain Management). This is to underline the importance of quality for the Mercedes-Benz brand and to underscore the combined responsibility for this topic also within the divisional title. The function of Sabine Kohleisen will be renamed Human Relations (previously: Human Resources). Consequently, the name of this function now emphasises the centrality of cooperation with and between people for the personnel-related activities of Mercedes-Benz. Read More
Dana Incorporated Reports Strong 2023 Second-quarter Financial Results, Company Raises Full-year Guidance
Key Highlights
• Sales of $2.75 billion, an increase of $162 million or 6 percent over last year
• Net income attributable to Dana of $30 million, an increase of $22 million over last year
• Diluted EPS of $0.21; diluted adjusted EPS of $0.37, an increase of $0.29 per share
• Adjusted EBITDA of $243 million, an increase of $81 million or 50 percent over last year
• Adjusted EBITDA margin improved by 250 basis points compared with last year
• Free cash flow of $134 million
Second-quarter 2023 Financial Results
Sales for the second quarter of 2023 totaled $2.75 billion, compared with $2.59 billion in the same period of 2022, representing a $162 million increase driven by higher market demand, cost-recovery actions, and conversion of our sales backlog, partially offset by the translation of foreign currencies.
Adjusted EBITDA for the second quarter of 2023 was $243 million, compared with $162 million for the same period in 2022. The 250 basis points of margin improvement in the second quarter of 2023 was primarily driven by higher sales volume, net customer pricing and recovery actions, and lower net commodity costs. These improvements were partially offset by production inefficiencies driven by volatile customer demand schedules and negative exchange-rate impacts.
Net income attributable to Dana was $30 million, or $0.21 per share, compared with net income of $8 million, or $0.06 per share, in the second quarter of 2022.
Adjusted net income attributable to Dana was $54 million, and diluted adjusted earnings per share were $0.37 for the second quarter of 2023, compared with adjusted net income of $12 million and $0.08 per share in 2022. Read More
The City of Yokohama and Tokyo Gas Co., Ltd. (Tokyo Gas), together with Mitsubishi Heavy Industries, Ltd. (MHI) and MHI Group company MHI Environmental & Chemical Engineering Co., Ltd. (MHIEC), are to launch a demonstration experiment of a CO2 capture and utilization (CCU) process(1) in which CO2 is separated and captured from the flue gas of a municipal waste-to-energy plant, and transported to a local methanation(2) demonstration facility operated by Tokyo Gas to be used as feedstock for methanation. This CCU demonstration experiment based on regional cooperation, conducted in Tsurumi-ku, Yokohama, is the first of its kind in Japan, which will aim to practically introduce e-methane in addition to improve and expand CCU technology. Read More
Iberdrola increases its net profit by 21% to €2.52 billion
Global investments have increased by 8% in the last 12 months, to reach €10.54 billion. 93% of investments have been allocated to networks and renewables.
Net profit increases by 21% to €2.52 billion (+28% excluding accounting impacts of last quarter with no cash impact).
EBITDA reaches €7.56 billion, an increase of 17%, driven by strong performance in the EU – with the normalization of renewable generation and prices after the extraordinary situation of last year – and the UK – including the recovery of retail deficits of last year.
Second increase in FY 2023 Outlook
The company is now forecasting high-single-digit net profit growth (excluding additional capital gains from asset rotation) due to strong business performance in the second half driven by further investments and new capacity in renewables, positive production forecasts and new rate cases in the US and Brazil.
Financial strength
Operating cash flow (FFO) reaches €5.73 billion in H1 2023 (+21%, excluding the one-off hydro tax rebate in Spain in 2022).
Positive progression of financial ratios, with and FFO/Adjusted Net Debt improving by 20 basis points to 24.9%
Liquidity reaches €20.3 billion after securing €3.4 billion of new green financing in H1 2023.
Strategic Plan Execution
€7.5 billion asset rotation plan for 2023 – 2025 period completed: Sale and purchase agreement (SPA) to sell nearly 60% of Iberdrola’s business in Mexico for $6 billion concluded in June 2023 and new co-investment alliances with tier-1 partners.
Renewables:
2,565-megawatts (MW) of new capacity has been installed in the last 12 months, reaching a 41,250MW.
In addition, 7,100 MW of new renewables capacity is in construction globally, representing total investment of €12 billion. 3,000 MW relates to offshore wind secured with zero seabed costs, thanks to Iberdrola’s first mover status.
Networks: Global asset base increased by 10% over the last year to €40 billion. H1 investments were up 24% to €3.1 billion, driving growth in all geographies.
In 2023, Iberdrola has a total of 135 terawatt-hours (TWh) per-year of electricity sold:
70% through regulated mechanisms and to industrial customers, with an average term of 12 years, and 30% to retail customers (2/3 years on average).
New PPAs delivered in H1 2023 include a multi-market European agreement with Vodafone for more than 410 GWh per-year.
Optimal positioning ahead of the European Electricity Market Reform, based on more market and more long-term contracting. Read More
Following the clean-up operation in Tossa de Mar, Spain, the partnership between Hyundai and Healthy Seas has continued its third year of collaboration with a remarkable project in the Mediterranean Sea, spanning from Italy’s Lampedusa Island to Tunisia.
This endeavour proved to be one of the most challenging and rewarding for the partnership, as the divers encountered difficult conditions, including a remote location and limited supplies on board. Over the course of an eight-day expedition that concluded on June 29, volunteer divers from five countries, boasting extensive diving experience, managed to remove nearly one ton of ghost gear.
Not only were the conditions of this project exceptional, but the location where the divers retrieved the ghost gear was also remarkable: a shipwreck from World War II, sunk during the Battle of Convoys, and still containing several aerial bombs and vehicles. Despite not being the conventional site for ghost gear removal, the preservation of historical wrecks holds paramount importance for the marine ecosystem.
Pascal van Erp, Deputy Director of Healthy Seas and Founder of Ghost Diving, said, “Wrecks provide excellent habitats for marine life, acting as reefs and offering shelter. Simultaneously, wrecks are the most common entanglement sites for fishing nets. It is estimated that 640,000 tons of fishing gear are lost or abandoned annually in the world’s seas and oceans, leading to the suffering and death of millions of marine animals.”
This mission also aimed at documenting various wrecks as cultural monuments. By collecting over 12,000 photos and applying photogrammetric techniques, 3D virtual models are created to make the wrecks accessible to scientists and the wider public. Following the retrieval of the 700-kg net from the shipwreck, its structure was exposed, rendering it a safer environment for marine life and enhancing accessibility for fellow divers. Healthy Seas conducted a thorough examination of the net’s material and structure before sending it for upcycling into new nets. Read More
Hyundai Motor Company and Kia Corporation introduced its AI-enabled, blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) to manage the carbon emissions of its cooperative business partners.
SCEMS is designed to compute carbon emissions at every stage of a cooperative partner’s supply chain while assuring data transparency and integrity. Hyundai Motor and Kia successfully verified the effectiveness of the high-performance blockchain technology and adopted it to accomplish their critical goal of promptly and securely collecting carbon emissions data.
This solution is also expected to relieve suppliers from this time- and cost-consuming work and enable them to manage their carbon emissions with accuracy. By leveraging artificial intelligence (AI) and high-performance blockchain technology, business partners can efficiently monitor and manage the collected data and carbon emission status at their respective workplaces.
With this innovative system, Hyundai Motor and Kia ultimately aim to tackle climate change issues by preemptively meeting local and global environmental regulations and establishing sustainable supply chains within the companies and with its cooperative partners.
“Supplier CO2 Emission Monitoring System unlocks a revolutionary approach to managing carbon emissions and combating climate change, ushering in a new era of sustainable supply chain within our cooperative network,” said Seung Hyun Hong, Head of Materials Research and Engineering Center at Hyundai Motor and Kia. “We stand proudly at the forefront of this transformative journey, collaborating with our partners to shape a greener and brighter future for all.”
Through the system, it is possible to secure reliable carbon emission data over the entire business operations of its suppliers, including raw material procurement, manufacturing processes and product transportation. The system’s next-generation technology will enable regulators, stakeholders and investors to have complete confidence in the accuracy of the data.
The implementation of blockchain technology to manage carbon emissions is a significant step toward promoting sustainable practices in the industry. Integrating AI technology and high-performance blockchain will enable it and its partners to set carbon reduction targets and accurately predict future carbon emissions, fostering practical climate change mitigation efforts. Climate change is a pressing global issue and reducing carbon emissions is one of the most critical steps toward mitigating its impact. With the successful implementation of this system, Hyundai Motor Company and Kia Corporation reaffirm their commitment to actively address climate change and promote sustainability in the automotive industry. Read More
The incoming head of the UN climate science agency said on Thursday the world would exceed the Paris deal warming target of 1.5 degrees Celsius above preindustrial levels, adding that states’ policies had not been ambitious enough.
In an interview a day after being voted the next head of the Intergovernmental Panel on Climate Change, Britain’s Jim Skea said the organisation was “committed” to “at least a little bit of overshoot” of the long-term threshold from the 2015 Paris deal.Ending fossil fuels for some sectors, like aviation and freight, was not realistic, he said, adding that this meant CO2 would need to be removed from the atmosphere in future. Read More
Baker Hughes Rig Count: U.S. -5 to 664 Canada +6 to 193
U.S. Rig Count is down 5 from last week to 664 with oil rigs down 1 to 529, gas rigs down 3 to 128 and miscellaneous rigs down 1 to 7.
Canada Rig Count is up 6 from last week at 193, with oil rigs up 5 to 121, gas rigs up 1 to 72.
| Region | Period | Rig Count | Change |
| U.S.A | 28 July 2023 | 664 | -5 |
| Canada | 28 July 2023 | 193 | +6 |
| International | June 2023 | 967 | +2 |
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