Occidental Petroleum, a huge U.S.-based oil producer, posted an $8.35 billion second-quarter loss Monday afternoon as it took huge write-downs on its asset values.
Why it matters: The whole industry is under pressure, but Occidental's problems are compounded by the additional debt it assumed when it beat out Chevron to acquire Anardarko in 2019.
The electric truck startup Nikola Motors' stock surged 22% Monday and the company now has a market capitalization of $17 billion. That's pretty, pretty good considering they have basically no revenue yet.
Driving the news: The bump came after Monday's announcement that the waste management company Republic Services has ordered at least 2,500 electric garbage trucks, with deliveries slated to start in 2023.
Left-wing climate activists don't want Joe Biden getting advice from people with credentials they don't like — and they're increasingly going public with their campaign.
Why it matters: Nobody is confusing Biden with President Trump, and his climate platform goes much further than anything contemplated in the Obama years.
Lucid Motors, a Silicon Valley-based electric vehicle startup, says its upcoming Lucid Air luxury sedan is expected to achieve an unprecedented driving range of 517 miles on a single battery charge.
Why it matters: Lucid's driving range is about 115 miles farther than Tesla's longest-range Model S, but more important, the efficiency breakthrough could enable the arrival of more affordable EVs in the future.
Fifty-two percent oppose fracking in a CBS News poll of registered voters in Pennsylvania, while 48% favor the oil-and-gas extraction method, a finding within the poll's margin of error.
The big picture: Pennsylvania is a key swing state where natural gas development is a major industry, and President Trump's campaign has sought to turn Joe Biden's energy plans into a political liability.
Hyundai Motor is creating a new electric vehicle unit called Ioniq and plans to roll out three new models by 2024.
Why it matters: The announcement Sunday is the latest example of big automakers' strategies to expand market share in the increasingly competitive electric vehicle space.
Equinor on Monday named company veteran Anders Opedal to replace CEO Eldar Sætre this fall and vowed to accelerate its diversification into climate-friendly energy.
Why it matters: The Norway-based company is among the world's largest multinational oil-and-gas companies — though smaller than super-majors like Exxon, Shell and BP.
Joe Biden wants to go big on climate change and big on unions. Elon Musk leads on the former but lags on the latter.
Why it matters: Musk isn’t uniquely averse to unions, but Tesla is considered a leader on the type of new technologies needed to tackle climate change. Musk’s leadership ethos could be in the crosshairs if Biden becomes president and follows through on his campaign vows.
