Equinor ASA

Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
  • TickerEQNR
  • ISINNO0010096985
  • ExchangeOslo Bors
  • SectorOil & Gas Producers
  • CountryNorway
Jon Masdal

Weekly news, topics & discussions

Another major, Shell, expects USD15bn–22bn post-tax impairments in Q2 after revising its price assumptions. Equinor is using a Brent price/bbl of USD77 in 2025 and USD80 in 2030; hence we see a risk of impairments in Q2, which could hamper the DPS growth outlook due to gearing rising above its target. For AkerBP, we expect results from the Sandia well in the Barents Sea shortly.

Jon Masdal

Weekly news, topics & discussions

Aker BP delivered PDO on the Hod development project this week, while Equinor awarded several LOIs on its Breidablikk project in the North Sea, moving it towards an FID later this year. Norway has launched the 25th licensing round, with eight out of nine areas in the Barents Sea, for which we expect low interest given lower oil prices and disappointing results in the past decade.

Eirik Thune Øritsland ...
  • Haakon Amundsen
  • John Olaisen
  • Karl Fredrik Schjøtt-Pedersen
  • Lukas Daul

Sector Report - Crude Quarterly: Market returning to balance

Jon Masdal

Weekly news, topics & discussions

Brent has rebounded this week, and is up 9% on declining global inventories, high OPEC+ compliance with the agreed production cut as well as positive equity markets. In Norway, production curtailments could end sooner than the planned year-end, and May liquids production surprised on the upside, while gas disappointed. DNO also received payment from the KRG for May sales this week.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below. • Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bu...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Big Picture: Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index... see chart below. In today's report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities right here, right now. Note: This is part one of a two-part series, where we focus on actionable stocks within the Services, Consumer Discretionary, Consumer Staples, Energy, and Financials Sectors. We will focus on the remaining Sectors in next week's report. For your reference we include a table o...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The U.S. has continued to separate itself from broad emerging market and developed international indexes. Thankfully, one positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective despite relative strength weakness vs. MSCI ACWI... see charts below. In today's report we scour the globe for attractive investments in an environment where selectivity is key. • Emerging markets. There is still not much to like about broad EM as the MSCI Emerging Markets index has remained weak following price and relative strength breakdowns. Remain underweight broad EM and be...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Emerging Markets breakdown, avoid; MSCI ACWI falls below 200-day moving average; Be selective in Japan Global markets have deteriorated considerably since we published our June International Macro Vision last week. The MSCI EM index has decisively broken down below the 60,000 major support level we identified, which coincided with a breakdown in relative strength. We're cutting EM to underweight and recommend reducing exposure. Additionally, the MSCI ACWI ETF has broken below its 200-day MA, leading us to believe additional consolidation is likely. ACWI long-term breadth as measured by the pe...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

As support levels continue to hold for the MSCI ACWI and S&P 500, our neutral but constructive outlook remains. Additionally, we reiterate our expectation for more consolidation and volatility. In today's report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends. • Asia/Pacific. In Japan, the TOPIX continues to exhibit leadership characteristics. Stay overweight. Broadly speaking, global Consumer Staples stocks are lagging, but Japan is the exception. Hong Kong's Hang Seng Index also remains on bullish footing... see pages 2 and 5-11...

Jon Masdal

Weekly news, topics & discussions

Another major, Shell, expects USD15bn–22bn post-tax impairments in Q2 after revising its price assumptions. Equinor is using a Brent price/bbl of USD77 in 2025 and USD80 in 2030; hence we see a risk of impairments in Q2, which could hamper the DPS growth outlook due to gearing rising above its target. For AkerBP, we expect results from the Sandia well in the Barents Sea shortly.

Jon Masdal

Weekly news, topics & discussions

Aker BP delivered PDO on the Hod development project this week, while Equinor awarded several LOIs on its Breidablikk project in the North Sea, moving it towards an FID later this year. Norway has launched the 25th licensing round, with eight out of nine areas in the Barents Sea, for which we expect low interest given lower oil prices and disappointing results in the past decade.

Eirik Thune Øritsland ...
  • Haakon Amundsen
  • John Olaisen
  • Karl Fredrik Schjøtt-Pedersen
  • Lukas Daul

Sector Report - Crude Quarterly: Market returning to balance

Jon Masdal

Weekly news, topics & discussions

Brent has rebounded this week, and is up 9% on declining global inventories, high OPEC+ compliance with the agreed production cut as well as positive equity markets. In Norway, production curtailments could end sooner than the planned year-end, and May liquids production surprised on the upside, while gas disappointed. DNO also received payment from the KRG for May sales this week.

Jon Masdal

Weekly news, topics & discussions

With the favourable temporary change to petroleum taxes in Norway, a number of projects have been moved forward, such as NOAKA, Hod, and the electrification of the Sleipner field centre. Brent is down 8% from last week, the first weekly decline since April, following fears of a second Covid-19 wave.

Statoil ASA: Growth and cost cuts drive recovery in credit profile in 2017

CORPORATES CREDIT OPINION 12 April 2017 Update RATINGS Statoil ASA Domicile Norway Long Term Rating Aa3 Type Senior Unsecured - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Elena Nadtotchi 44-20-7772-5380

Jesper Ingildsen ...
  • Jon Masdal
  • Martin Hoang Nguyen
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mats Bye
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Jesper Ingildsen
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Jon Masdal ...
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

EQUINOR ASA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of EQUINOR ASA (NO), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date December 31, 2019, the closing price was NOK 175.50 and its potential was estimated at NOK 190.18.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Equinor – AGM 14 May 2020

In general, Equinor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.   Under ITEM 6 the board of directors proposes to adopt the financial statements, including the allocation of profit. Although ECGS has no concerns over the financial statements it does NOT approve of the (proposed) distribution of profit. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 7 authorisation is sought to distribute (interim) dividend. Since ECGS has concerns over Equinor's (proposed) allocation of income it does NOT approve of the requested author...

Expert Corporate Governance Service (ECGS)

Equinor - AGM 15 May 2019

In general, Equinor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. ITEMS 8-10 and 19 are proposals made by shareholders. From an environmental perspective, ECGS recommends to vote FOR ITEMS 8, 9 and 10, and does not support ITEM 19. Under ITEM 12.1, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 12.2, the board of directors seeks approval of a share-related incentive arrange...

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