Technology
What are fully electric-propelled satellites that ISRO will launch in December?
Come December 2024, and the Indian Space Research Organisation (ISRO) will make a significant leap forward by launching its first fully electric-propelled satellites, a mission that promises to redefine India’s approach to space exploration. Known as the Technology Demonstrator Satellite (TDS-01), these satellites will highlight India’s ability to create lightweight, but powerful, spacecraft using modern electric propulsion systems. The launch is significant as it demonstrates India’s progress in space technology.
Experts point out that the integration of electric propulsion systems signifies a departure from traditional chemical thrusters and highlights the agency’s drive to enhance satellite efficiency, longevity, and operational flexibility. This move not only demonstrates ISRO’s technological capabilities but also places it in step with leading space agencies and private players, such as SpaceX, OneWeb, and China, all of which have been deploying electric propulsion in their satellite constellations.
Electric propulsion offers several key advantages that make it an attractive choice for ISRO. “It drastically reduces the amount of propellant needed compared to chemical propulsion. Traditional satellites rely on chemical fuel for orbit-raising and station-keeping, consuming a significant portion of their mass in the process. Electric propulsion, by contrast, uses small amounts of propellant, which is accelerated to high speeds using electrical energy, allowing satellites to perform the same tasks with much greater fuel efficiency. This efficiency enables ISRO to reduce the weight of its satellites, allowing more room for payloads or additional instrumentation, ultimately enhancing mission capacity,” remarked Srimathy Kesan, founder and CEO of Space Kidz India, which is into design, fabrication and launch of small satellites, spacecraft and ground systems.
Moreover, electric propulsion extends the operational life of satellites. With traditional systems, once a satellite runs out of fuel, it becomes inoperable, even if its components are still functional. Electric propulsion, with its efficient use of fuel, allows satellites to stay operational for longer periods, providing better value or money and reducing the need for frequent replacements. This is particularly valuable for communications satellites, which need to maintain precise positions in geostationary orbit for years.
“A ajor critical advantage of electric propulsion is its flexibility in orbital maneuvering. Satellites equipped with electric propulsion can make more precise orbital adjustments, making them suitable for missions that require fine control over satellite positioning, such as remote sensing, navigation, and scientific research missions. This flexibility will allow ISRO to expand its satellite capabilities, opening new possibilities for advanced Earth observation systems and interplanetary missions,” added Kesan.
Interestingly electric propulsion, a technology that dates back to the 1960s with the Soviet Union’s Zond 2 probe, has evolved to become a cornerstone of modern satellite design. The first commercial application of this technology came with PanAmSat’s PAS-5 satellite in 1997, which used an electric thruster for station-keeping, marking the beginning of the transition from chemical to electric propulsion for satellites. In recent years, this technology has gained widespread adoption, thanks to its ability to drastically reduce fuel consumption and extend satellite lifetimes.
The TDS-01 satellite will be the first Indian satellite to feature an electric propulsion system developed entirely indigenously. This system operates by using gases, such as argon, which are ionized (charged) and then powered by solar energy to generate thrust. This method makes the satellite more efficient and reduces the need for large amounts of fuel.
“The satellite’s solar panels capture energy from the Sun and convert sunlight into electricity, which then powers various functions, including the electric propulsion system. This process not only helps the satellite move but also ensures that it uses less fuel, making the spacecraft lighter and more cost-effective. In addition to the electric propulsion system, the satellite will include travelling wave tube amplifiers (TWTAs), devices that are crucial for strengthening the satellite’s communication signals and remote-sensing tasks. TWTAs ensure the signals are powerful enough to reach Earth or other spacecraft. This allows for clear data transmission and reliable communication between the satellite and ground stations,” explained space and aerospace expert Girish Linganna.
All parts of the satellite, including the electric thrusters and TWTAs, have been completely developed in India. This highlights the country’s ability to create advanced satellite technologies on its own. “Electric thrusters are engines used in satellites and spacecraft that generate thrust by using electricity to accelerate charged particles (ions). Unlike traditional rocket engines that burn fuel to create force, electric thrusters use much less fuel and are more efficient over long periods, making them ideal for space missions. The satellite will weigh less than two tons, but have the same power as a traditional satellite that weighs four tons. The electric propulsion system will help the satellite stay in orbit for a longer time, which will extend its overall lifespan,” added Linganna.
Experts point out that since electric propulsion requires less fuel and results in a lighter satellite, it can significantly reduce launch and operational costs. Electric propulsion enables more efficient control of the satellite’s position and movement in orbit. Compared to chemical propulsion, electric systems produce fewer emissions, making them more environment-friendly.
There are challenges too. “Electric propulsion produces less thrust than chemical systems, making it slower for the satellite to reach its final orbit. As said earlier, while chemical thrusters can reach a geostationary orbit in about a week, electric propulsion may take up to three months. Additionally designing and implementing electric propulsion systems is more complex and requires advanced technology and specialized knowledge,” said Linganna.
Science & Environment
Exxon (XOM) earnings Q3 2024
An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.
Michael M. Santiago | Getty Images
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.
Technology
The US forced Huawei to build its own technology, founder says
Ren Zhengfei, the founder of Huawei Technologies, said that the US forced Huawei to build its own technology. In other words, the US ban did that, as the company did not really have many options following a series of those bans.
Huawei founder believes the US forced Huawei to build its own technology
The company’s founder attended the ICPC (International Collegiate Programming Content) coding competition for university students, where he said that. He also talked with students about Huawei, technology in general, future goals, and a number of other topics.
At one point during the event, Zhengfei actually said that he believes Huawei can learn from the receptive culture of the US. He believes that it can make both Huawei and China advance in science and technology.
These were his exact words: “The US has set an example for all countries and companies worldwide on being open. If a country is closed off, it will fall behind”.
As many of you know at this point, the US sanctions landed in 2019, as security concerns were quoted. A number of additional roadblocks were set after that, though. Huawei is still blocked off from accessing tools to make chips and various other equipment.
Those bans forced Huawei to be self-sufficient
Huawei was forced to be self-sufficient, and it seemingly benefited the company in a way. Zhengfei said the following: “American technologies and tools are very good… [but] Huawei cannot use them; we had no choice but to create our tools. Open innovation and utilizing the advanced achievements of others is the true way forward for an enterprise”.
On top of everything, Huawei’s founder also highlighted the importance of AI. He said that artificial intelligence is becoming unstoppable. He said that if Huawei uses it in the right way, it could achieve a lot of success moving forward.
Huawei is expected to announce its 5nm processor made in collaboration with SMIC soon. That Kirin chip will be first used in the upcoming Huawei Mate 70 series.
Science & Environment
Cloud-inspired material can bend light around corners
Scientists have discovered a technique whereby light can be bent around corners, inspired by the way clouds scatter sunlight. This type of light-bending could lead to advances in medical imaging, electronics cooling and even nuclear reactor design.
Daniele Faccio at the University of Glasgow, UK, and his colleagues say they are shocked this type of light scattering wasn’t noticed before. It works on the same basis as clouds, snow and other white materials that absorb light: once photons hit the surface of such a material, they are scattered in all directions, barely penetrating at all and getting reflected out the way they came. For instance, when sunlight hits a tall cumulonimbus cloud, it bounces off the top, making this part of the cloud appear bright white. But so little light reaches the bottom of the cloud that this part appears grey – despite being made up of the same water droplets.
“The light bounces around and sort of tries to get in, and it’s bouncing off all the molecules and the defects,” says Faccio. “And eventually what happens is it just gets reflected back because it can’t get in. This is this scattering.”
To replicate this process, the team 3D printed objects from opaque white material while leaving thin tunnels of clear resin within. When light is shone at the material, it travels into these tunnels and is scattered – just as light is on snow or clouds. However, instead of scattering randomly in every direction until they are evenly dispersed, the photons are directed to return to the resin tunnel by the opaque material. The team put this to use, creating a range of objects that steer light in an organised way.
These 3D-printed objects are functionally similar to fibre optic cables, which route light along their length, but they operate on fundamentally different principles. Fibre optic cables steer light by infinitely reflecting internally. When photons attempt to leave a cable’s inner core of plastic or glass, they hit another material with a lower refractive index and are reflected back inside. In this way, light can be carried for kilometres at a time, even around bends.
The researchers say their material boosts light transmission by more than two orders of magnitude compared with solid blocks without the same clear tunnels, and also allows it to be directed around curves. This is much less efficient than fibre optic, and will therefore struggle to achieve the great distances that it does, but it is also very simple and cheap.
This method of light-bending could make use of existing tunnels of translucent material, such as tendons and fluid in the spinal column, to provide new ways to carry out medical imaging. Faccio says the exact same principle also works to direct heat and neutrons, and could therefore also find use in a range of engineering applications such as cooling systems and nuclear reactors.
“It wasn’t obvious that this would work at all. We were shocked,” says Faccio, who believes the phenomenon could easily have been discovered decades or even centuries ago. “It’s not like we’ve created or found some really niche, weird equation with some weird properties.”
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Technology
Bluetooth options for every budget
Wireless headphones have become the go-to choice for so many people, and it’s easy to see why. They offer the freedom to move without tangled cables holding you back, and modern Bluetooth connections are more reliable than ever. On top of that, many wireless headphones deliver higher-quality sound than you’d expect, with impressive features like adaptive ANC (active noise cancelation) to block out distractions. Many wireless headphones now offer better battery life, too, giving you more uninterrupted playback whether you’re commuting, working out, or just kicking back with your favorite tunes.
Of course, some wireless headphones stand out from the rest, which is why Engadget has tested and reviewed the most popular options to help you find the perfect pair. Our picks are based on a mix of essential features like sound quality, ANC performance, comfort, and handy extras like companion apps for customization. Whether you’re after premium sound or a budget-friendly option, there’s a pair of wireless headphones for everyone.
How to choose the best wireless headphones for you
When it comes to shopping for a good pair of wireless headphones, the first thing you’ll need to decide on is wear style. Do you prefer on-ear or over-ear headphones? For the purposes of our buyer’s guide, we focus on the over-ear style as that’s what most noise-canceling headphones are nowadays. Sure, you can find on-ear models with ANC, but over-ear designs are much more effective at blocking sound. Speaking of noise cancellation, you’ll want to determine early on if you even want that. If you frequently crank up the beats in noisy environments, you’ll want to not only make sure it’s there, but also make sure it’s good, preferably with adaptive ANC. If you plan to use your new headphones in quieter spaces, skipping ANC can save you some money.
The next area to consider is features. We recommend trying to get the most bang for your buck, but as you’re shopping around you should determine which items are must-haves and what you can live without. And don’t take basic things like automatic pausing and Bluetooth multipoint connectivity for granted, as not all companies include them. We also suggest reading reviews to see how well a company’s more advanced features work. This will help you decide if those are something you’re willing to (likely) pay extra for. Keep an eye on better battery life estimates to avoid disappointment, as some manufacturers promise more hours than real-world testing delivers. And don’t be easily swayed by lofty promises about call quality without verifying them.
Sound can be subjective, so we recommend trying before you buy if at all possible. We understand this isn’t easy at a time when we’re doing most of our shopping online. But trying on a set of headphones and listening to them for a few minutes can save you from an expensive case of buyer’s remorse. We also recommend paying attention to things like Spatial Audio, Dolby Atmos, 360 Reality Audio and other immersive formats. Not all headphones support them, so you’ll want to make sure a perspective pair does if that sort of thing excites you. If you plan to use your headphones for other media besides music, checking for latency is also a must — some delay can impact playback for things like movies or games, even if most true wireless headphones now offer minimal lag.
How we test over-ear headphones
The primary way we test wireless headphones is to wear them as much as possible. We prefer to do this over a one- to two-week period, but sometimes embargoes don’t allow it. During this time, we listen to a mix of music and podcasts, while also using the earbuds to take both voice and video calls. Since battery life for headphones can be 30 hours or more, we drain the battery with looping music and the volume set at a comfortable level (usually around 75 percent). Due to the longer battery estimates, we’ll typically power the headphones off several times and leave them during a review. This simulates real-world use and keeps us from having to constantly monitor the process for over 24 straight hours.
To judge the best Bluetooth headphones, we focus on higher-quality audio by listening to a variety of genres and paying close attention to how each style sounds. We also test at both low and high volumes to check for consistency in the tuning. To assess the quality of phone calls, we’ll record audio samples with the headphones’ microphones as well as have third parties call us.
When it comes to features, we do a thorough review of companion apps, testing each feature as we work through the software. Any holdovers from previous models are double checked for improvements or regression. If the headphones we’re testing are an updated version of a previous model, we’ll spend time getting reacquainted with the older set. Ditto for the closest competition for each new set of headphones that we review.
Best wireless headphones
Noise cancellation: Yes | Multipoint: Yes | Battery life: 30 hours | Weight: 0.55 pounds | Water resistance: None
Read our full Sony WH-1000XM5 review
Sony’s 1000X line has been our top pick for best wireless headphone for a long time now. Until another company can pack in as many high-quality features as Sony, and do so with a mix of excellent sound quality and effective ANC, the crown is safe. With the WH-1000XM5, Sony redesigned its flagship headphones, making them way more comfortable to wear for long periods of time. This is an important factor to consider when purchasing over-ear headphones. We also noticed in our tests that the company made noticeable improvements to the active noise cancellation, thanks to a separate V1 chip in addition to the QN1 that was inside the M4. There are now eight total ANC mics as well – the previous model only had four. This all combines to better block background noise and high frequencies, including human voices.
The 1000XM5 still has all of the features that typically make Sony’s top-of-the-line headphones showstoppers. That includes 30-hour battery life and crisp, clear sound with balanced tuning and punchy bass. A combo of touch controls and physical buttons give you on-board access to music, calls and noise modes without reaching for your phone. Speak-to-Chat automatically pauses audio when you begin talking, and like previous Sony headphones, the M5 can change noise modes based on your activity or location. Plus, this pair of headphones offers better call quality than most of the competition. The only real downside is that they’re $50 more than the WH-1000XM4 at full price ($400).
- Supreme comfort
- Great sound
- Powerful ANC
- 30-hour battery life
- More expensive than the M4
- Occasional audio issues on macOS
Noise cancellation: Yes | Multipoint: Yes | Battery life: 30 hours | Weight: 10.8 ounces | Water resistance: None
Read our full Bowers & Wilkins Px7 S2e review
An upgraded version of the Px7 S2, the Px7 S2e’s changes are mostly in the sound department. Bowers & Wilkins updated the digital signal processing (DSP) engine for improved performance when streaming music. The changes it introduced include support for up to 24-bit high-resolution streaming from compatible services. The company says it also re-tuned the acoustics for “unmatched detail, dynamics and spaciousness,” which is the more noticeable tweak compared to the previous model. Those promises hold true, too: the Px7 S2e are at the top of our test unit pile in terms of overall sound quality, just like the Px7 S2 has been since their introduction.
Bowers & Wilkins kept the rest of what was so great about the Px7 S2 as well. Reliable physical controls don’t lead to any frustration when you use them and the ANC performance is good enough to block out a lot of distractions. Factor in the refined design and overall comfort, and you’ve got a great pair of headphones that rival the best. The Px7 S2e still doesn’t have a lot of the more advanced features that Sony offers, but they sound so good you might not even notice.
- Impressive sound quality
- Better than advertised battery life
- Effective noise cancellation
- Comfy fit
- Refined design
- Call quality
- Very basic EQ customization
- Subpar Pass-Through mode audio
- Automatic pausing needs refining
Noise cancellation: No | Multipoint: Yes | Battery life: 60 hours | Weight: 1.42 pounds | Water resistance: None
Audio-Technica has introduced affordable wireless headphones in the past, and while they didn’t offer active noise cancellation, they’re still worth considering. The company’s latest is the M20xBT, a Bluetooth version of the A-T’s popular M20x wired cans. For just $79, you can expect a comfortable fit and up to 60 hours of battery life. Bluetooth multipoint connectivity allows you to connect to multiple devices at once and physical buttons provide reliable on-board control. The design isn’t as refined as the company’s pricer models like the M50xBT2, but you get the bulk of what makes Audio-Technica’s cheaper options so good.
- Affordable
- Up to 60 hours of battery life
- Multipoint connectivity
- Design isn’t as refined as competitors’
Noise cancellation: Yes | Multipoint: Yes | Battery life: 24 hours | Water resistance: None
Read our full review of the Bose QuietComfort Ultra
Bose’s unique take on spatial audio may be the headline feature on its QuietComfort Ultra Headphones, but the company didn’t overlook ANC on this model (Make no mistake — Sony takes the crown here for best ANC, but this Bose model is a close second.) Described as “the quietest quiet” available on any of its headphones yet, the ANC here is noticeably better than the Bose 700 and iconic QuietComfort Headphones. This is due in part to microphone enhancements that also improve call quality. The changes are especially apparent when dealing with the hard-to-combat frequency range of people talking. The company also offers presets that mix ANC, transparency mode and its spatial Immersive Audio, allowing you to quickly switch the sound to match your surroundings. And if that wasn’t enough, the touch controls make these over-ear headphones a breeze to use — so you get good noise cancelation, good sound and extra convenience bundled in this package.
While the spatial sound feature is a bit of a mixed bag, the stock tuning on the QuietComfort Ultra Headphones is still good – even before you switch on Immersive Audio. Bose has generally lagged the competition in terms of sonic prowess, but these over-ear headphones show that gap is narrowing. There’s a dash more bass to enhance a default sound profile that’s warmer, clearer and more inviting than previous Bose models, resulting in good sound overall. When Immersive Audio hits, it’s amazing and the audio quality is truly remarkable. But, the company is relying on signal processing rather than specially crafted content so the results vary.
- Excellent ANC
- Improved audio
- Clearer transparency mode
- Comfy
- Expensive
- Immersive Audio is inconsistent
- No USB-C audio
Noise cancellation: Yes | Multipoint: Yes | Battery life: 50 hours | Weight: 0.65 pounds | Water resistance: None
Back at CES 2022, Panasonic announced the EAH-A800: a new set of active noise canceling headphones under the iconic Technics brand. While most of the features are what you see on any number of wireless headphones, one figure stood out. The company says you can expect up to 50 hours of battery life on the A800, and that’s with active noise cancellation enabled. While we haven’t put them through the full review analysis, I have already tested them on a long flight. The ANC is impressive and they’re comfortable enough to avoid becoming a burden after several hours or many long listening sessions. Sound quality is also quite good (there’s LDAC support, too) and there are enough features here to justify the premium price tag.
- 50-hour battery life with ANC turned on
- Comfortable design
- Good sound quality
Noise cancellation: Yes | Multipoint: Yes | Battery life: 28 hours | Weight: 0.75 pounds | Water resistance: None
While Master & Dynamic is known for its design prowess, the company’s over-ear headphones were due for a refresh. With the MW75 that debuted in June, the company opted for a look that takes cues from its MG20 gaming headphones and mixes them with a combo of aluminum, leather and tempered glass. The company’s trademark sound quality returns with multiple ANC modes and ambient sound options for a range of situations. At $599, the high-end looks don’t come cheap, but if you’re looking for something beyond the pure plastic fashion of most headphones, M&D has you covered.
- Luxurious design made with premium materials
- Multiple ANC modes
Other wireless headphones we tested
AirPods Max
Apple’s AirPods Max are premium, well-designed over-ear headphones that incorporate all of the best features you find on standard AirPods: solid noise cancelation, spatial audio and easy Siri access. However, their $550 starting price makes them almost prohibitively expensive, even for Apple users. There are better options available at lower prices, but if you can pick up the AirPods Max at a steep discount, they might be worthwhile for the biggest Apple fans among us.
Dyson On-Trac
The On-Trac headphones have an almost infinitely customizable design, and that’s what’s most unique about them. The sound profile offers some nice detail, but lacks dynamic range overall. ANC is average at best and there aren’t any advanced features that will make your life easier. Well, except for the hearing health monitor which is actually handy. All told, that’s not a lot in a set of $500 headphones.
Sonos Ace
The Sonos Ace is an excellent debut for the company’s first headphones. The combination of refined design, great sound quality and home theater tricks creates a unique formula. However, ANC performance is just okay and key functionality is still in the works for many users.
Sony ULT Wear
If most headphones don’t have the level of bass you desire, the ULT Wear is an option to consider. The low-end thump isn’t for everyone, but there are also plenty of handy features and a refined look to make the $200 set more compelling than many in this price range.
Sony WH-CH720N
While the WH-CH720N are a great affordable option, we prefer the Audio-Technica in the budget category. Sony’s cans are lightweight with good sound quality, but ANC struggles at times and they’re made with a lot of plastic.
Beats Studio Pro
The Studio Pro lacks basic features like automatic pausing, and multipoint connectivity is only available on Android. Moreover, they’re not very comfortable for people with larger heads. Overall sound quality is improved, though, and voice performance on calls is well above average.
Bose QuietComfort Ultra headphones
Bose’s latest flagship model has a lot to offer, but its trademark Immersive Audio feature can be inconsistent across different types of music. There’s still world-class ANC, excellent comfort and a clearer transparency mode, but for the price, the non-Ultra model is a better choice right now.
Master & Dynamic MH40 (2nd gen)
The MH40 are a great set of headphones if you favor crisp, clear and natural sound that isn’t overly tuned. This pair showcases the company’s affinity for leather and metal too, but limited customization and short battery life for non-ANC cans kept this set from making the cut.
Bowers & Wilkins Px8
The company’s trademark pristine sound is on display here, but the Px8 are more expensive and not nearly as comfortable as the Px7 S2.
Wireless headphones FAQs
How can you tell the quality of wireless headphones?
I typically look at three factors: design, sound quality and features. In terms of design, I’m usually looking to see if the build quality of the headphones feels cheap and plasticky. Plenty of companies use plastic, but they can do so in a way that doesn’t look or feel like budget models. For sound quality, I want to hear a nice, even tuning where highs, mids and lows are all well represented. No overly boomy bass or scooped out mids. I also want good clarity where you can pick up fine details and an open, immersive soundstage. Features is typically a distant third, but if a company doesn’t cover basic functionality (automatic pausing, transparency mode, multipoint Bluetooth, etc.) it can be an indication of overall quality.
How do I choose the best quality wireless headphones?
“Best” can be pretty subjective, but I always recommend going to a place where you can listen to the headphones you’re thinking about buying before you commit. Sometimes this isn’t possible, so you’ll want to check return policies. I also recommend doing some research to determine what your priorities are in a new set. Are you an audiophile who wants the best sound quality? Is powerful active noise cancellation (ANC) the most important? Would you rather have conveniences like automatic pausing?
Which brand has the best wireless headphones?
Sony consistently tops our list with its 1000X line. This is mostly due to the combination of sound quality, ANC performance and the truckload of features these headphones pack in. I’ll be the first to tell you that there are better sounding options and other companies, like Bose, offer more effective noise cancellation. But when you add everything up, no one comes close to the full slate of tools Sony puts in its premium headphone line.
Do expensive wireless headphones sound better?
Exorbitant price tags don’t mean better audio quality. Bowers & Wilkins’ headphones are on the high end for wireless noise-canceling models and they sound amazing. However, Audio-Technica’s M50xBT2 is much more affordable and doesn’t have ANC, but these headphones have a warm, natural sound profile that I find very inviting. At the end of the day, it will come down to personal preference, but you don’t need to spend a lot to find great headphones.
Science & Environment
Chevron (CVX) earnings Q3 2024
Jaap Arriens | Nurphoto | Getty Images
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.
Technology
KOR Protocol nabs artists Disclosure, Dixon and Imogen Heap as creator advisers
KOR Protocol, a Web3 infrastructure for creators featuring a range of AI-powered tools and interactive applications, has added artists Disclosure, Dixon and Imogen Heap join Deadmau5 and Richie Hawtin as advisers.
The KOR Protocol, whose initial developer is owned by Web3 gaming firm Animoca Brands, aims to improve how how intellectual property from music to other interactive art is managed, distributed, and monetized within artist communities.
British recording artist and Grammy award-winner Imogen Heap, electronic music icons deadmau5,
Richie Hawtin, and Disclosure, and masters of multimedia experiences Dixon, whose Transmoderna art collective is known for its immersive live-shows, will help oversee the direction of the protocol and advise on supporting artists, musicians, filmmakers, and developers in protecting their creations and engaging directly with their audiences.
Global recorded music revenues rose 10.2% in 2023 to $28.6 billion led by online streaming services, marking the ninth year of consecutive growth for the music industry. Yet despite the undeniable profits
made by global megastars like Taylor Swift or Ed Sheeran, the majority of artists struggle to make a
living from their music alone.
According to a survey by Xposure Music, just 11% of independent artists earn income solely through their music. A major issue is the low payout rates, which can be as little as $0.004 to $0.008 per stream. Additionally, streaming platforms like Spotify and Apple Music keep a significant portion of the revenue, with record labels also taking hefty cuts, leaving artists with a small portion of the pie.
KOR Protocol addresses this imbalance, changing how intellectual property is managed, distributed, and monetized, enabling artists and creators to receive fair pay for their work and engage directly with their fans and communities. Offering a unique infrastructure for creators with a range of AI-powered tools and applications, artists can easily create interactive experiences and release into new products that resonate with global fan communities. Adding such highly regarded world-renowned artists as advisors underscores KOR Protocol’s commitment to empowering creators with next-generation technology—and the best possible direction from leaders in their respective fields.
Heap is passionate about creating a decentralized database where songs act as services, giving direct access to all their details. Through her various initiatives, including Creative Passport and Auracles and collaborations with platforms such as KOR, she aims to open new opportunities and revenue streams for music makers, driving innovation in the industry. Electronic music icons deadmau5 and Richie Hawtin, known for their forward-thinking approaches to music and tech, have also previously explored the intersection of music, digital IP, and blockchain, cementing their advisory roles to help drive innovative content creation and fan engagement strategies.
Disclosure’s connection to remix culture will further help develop KOR’s vision of an ecosystem where artists can co-create and remix content without traditional limitations, reinforcing the platform’s mission to make the creation and management of music IP transparent, collaborative, and fair, and Dixon and his collective Transmoderna will be a leading guide on pushing the boundaries of immersive multimedia experiences, exploring the possibilities that arise from merging electronic music with transmedia art.
Inder Phull, creator of KOR Protocol, said in a statement, “This visionary team of artists are not only leaders in their fields but are passionate about creating new immersive experiences and fair compensation for artists. Under their expert guidance, KOR Protocol can provide the next generation of entertainment ecosystems for creators and fans alike.”
In addition to these artists, Ben Turner, co-founder of the International Music Summit and Association for Electronic Music, and Dean Wilson, CEO of Seven20 and manager of Deadmau5, will join the protocol as partners and advisors. Their extensive experience in the music and entertainment industries will help guide KOR Protocol’s development as a comprehensive platform for managing, distributing, and monetizing intellectual property.
Pixelynx, the first developer behind KOR Protocol was acquired by Animoca Brands, leaders in the Web3 and entertainment space. From IP registration, licensing, and royalty tracking to decentralized interactive content creation, KOR Protocol enables artists, developers, and fans to collaborate seamlessly shifting the paradigm of traditional IP management.
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