Dominion Energy is talking with other tech companies about developing small modular nuclear reactors, after the Virginia utility entered into an agreement with Amazon last month to look at advancing the next generation technology .

“It’s very encouraging to see large power users, including technology companies, express a willingness to invest, partner and collaborate to bring this exciting base load carbon free technology into fruition,” Dominion CEO Robert Blue told investors on the company’s third-quarter earnings call Friday.

Dominion and Amazon have signed a memorandum of understanding to explore developing a small modular reactor near the utility’s North Anna nuclear station in Louisa County, Virginia. The small reactor would bring 300 megawatts of power to Virginia.

Virginia is one of the most nuclear friendly states in the nation with strong bipartisan support for next-generation nuclear initiatives, Blue said.

“It’s not surprising that our large customers would be interested as they think about us as a good operator of nuclear, to work together on maybe advancing those kinds of technologies,” the CEO told investors.

“So we’ve been talking with Amazon obviously and others,” the CEO said.

Tech companies are investing in nuclear power as they hunt for carbon-free, reliable electricity to support the growing energy needs of artificial intelligence data centers. Dominion serves the largest data center market in the world, northern Virginia.

Earlier this year, Amazon bought a data center campus from Talen Energy that will be powered by the Susquehanna nuclear plant in Pennsylvania. Microsoft has signed an agreement to purchase power from Three Mile Island as Constellation Energy aims to restart the plant in 2028. And Alphabet‘s Google agreed last month to purchase power from the startup Kairos Power, a developer of small modular reactors.

Small modular reactors promise to reduce capital costs and speed the deployment of nuclear plants. They have a smaller footprint than large reactors, making them easier to site in principle, and promise a simpler manufacturing process.

But the technology has struggled to reach the commercial stage. There is no operating small modular reactor in the U.S. right now.

The outcome of the U.S. presidential election on Nov. 5 won’t affect oil production levels in the short- to medium term, Exxon CEO Darren Woods told CNBC on Friday.

Former President Donald Trump has called for unconstrained oil and gas production to lower energy prices and fight inflation, boiling his energy policy down to three words on the campaign trail: “Drill, baby, drill.”

“I’m not sure how drill, baby, drill translates into policy,” Woods told CNBC’s “Squawk Box” Friday after the largest U.S. oil and gas company reported third-quarter results.

Woods said U.S. shale production does not face constraints from “external restrictions.” The U.S. has produced record amounts of oil and gas during the Biden administration.

Over the past six years, the U.S. has produced more crude oil than any other nation in history, including Saudi Arabia and Russia, according to the Energy Information Administration.

Output in the U.S. is driven by the oil and gas industry deploying technology and investment to generate shareholder returns based on the break-even cost of production, the CEO said.

“Certainly we wouldn’t see a change based on a political change but more on an economic environment,” Woods said. “I don’t think there’s anybody out there that’s developing a business strategy to respond to a political agenda,” he said.

While shale production has not faced constraints on developing new acreage, there are resources in areas like the Gulf of Mexico that have not opened up due to federal permitting, the CEO said.

“That could, for the longer term, open up potential sources of supply,” Wood said. In the short- to medium term, however, unconventional shale resources are available and it’s just a matter of developing them based on market dynamics, he said.

The vast majority of shale resources in the U.S. are on private land and regulated at the state level, according to an August note from Morgan Stanley. About 25% of oil and 10% of natural gas is produced on federal land and waters subject to permitting, according to Morgan Stanley.

Vice President Kamala Harris opposed fracking during her bid for the 2020 Democratic presidential nomination. She has since reversed that position in an effort to shore up support in the crucial swing state of Pennsylvania, where the natural gas industry is important for the state’s economy.

Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest production level in more than four decades.

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
• Revenues: $90 billion, vs. $93.94 billion expected

The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.

The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.

Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.

The oil major’s stock rose about 1% in pre-market trading.

This is a developing story. Please check back for updates.

Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders.

Shares were up 2.6% in the premarket following the report’s release.

The oil major’s quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.

Chevron is aiming to streamline its portfolio, with asset sales in Canada, Congo and Alaska expected to close in the fourth quarter of 2024. The company is also target $2 billion to $3 billion in cost reductions from 2024 through the end of 2026.

Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $2.51 adjusted, vs. $2.43 expected
• Revenue: $50.67 billion, vs. $48.99 billion expected

Chevron’s net income came in at $4.49 billion, or $2.48 per share, down 31% from $6.53 billion, or $3.48 per share, in the third quarter of 2023. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street’s expectations for the quarter.

Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.

The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.

Chevron produced 3.36 million oil-equivalent barrels per day in the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.

Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%. Shares have struggled to gain ground as uncertainty looms over the company’s pending $53 billion acquisition of Hess.

The Federal Trade Commission has cleared the deal, though it prohibited John Hess from joining Chevron’s board.

Chevron remains locked in a dispute with Exxon Mobil, which is claiming a right of first refusal over Hess Corp.’s lucrative oil assets in Guyana. If an arbitration court rules in Exxon’s favor, Chevron’s acquisition of Hess would fail to close.

Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles.

That beat the prior record of 21,333 deliveries in September, bringing Zeekr’s total for the year to nearly 168,000.

The company has reportedly said that it hopes to deliver 230,000 cars in 2024. With only two months left in the calendar year, that means Zeekr needs to deliver more than 31,000 cars in November and December each.

The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23

Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October.

Li Auto delivered 51,443 cars, slightly lower than its record month in September.

BYD, Aito, and Nio had not yet released their October deliveries as of Friday afternoon.

Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October.

The company only launched its first car — the SU7 — in late March.

Xiaomi aims to deliver 100,000 electric cars by the end of November. The company has delivered more than 75,000 cars as of October.