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

Oil prices rebounded from last week, helped by a decline in crude inventories and Saudi Arabia’s continued pressure on OPEC+ compliance, while Nordic E&P equities generally traded sideways. This week the European Commission presented its plan to lower EU GHG emissions by 55%, and estimates that to achieve this, gas consumption should be cut by 25% versus 2015.

Jon Masdal

Weekly news, topics & discussions

Brent is down 6% this week on larger cuts in Saudi Aramco’s official selling prices on increased demand concerns. Equinor announced a renewable farm-down to BP, implying a value uplift of 10x of its invested capital, which illustrates the major’s eagerness to quickly deploy capital into renewables, but that competition in upcoming rounds is likely to be fierce. Also, reports suggest pressure for production cuts in Kurdistan, putting DNO’s production at risk.

Jon Masdal

Weekly news, topics & discussions

Following BW Energy’s Q2 report last week, we lifted our NAV to NOK40/share (30) and increased our target price to NOK26 (20), as we see multiple upcoming potential triggers from the re-start of the Ruche development and exploration potential. Elsewhere, Brent prices saw a large drop this week after US EIA oil figures were published on Wednesday while European gas prices continue to rise ahead of the winter season.

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 ...

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 ...

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-...

Jon Masdal

Weekly news, topics & discussions

Oil prices rebounded from last week, helped by a decline in crude inventories and Saudi Arabia’s continued pressure on OPEC+ compliance, while Nordic E&P equities generally traded sideways. This week the European Commission presented its plan to lower EU GHG emissions by 55%, and estimates that to achieve this, gas consumption should be cut by 25% versus 2015.

Jon Masdal

Weekly news, topics & discussions

Brent is down 6% this week on larger cuts in Saudi Aramco’s official selling prices on increased demand concerns. Equinor announced a renewable farm-down to BP, implying a value uplift of 10x of its invested capital, which illustrates the major’s eagerness to quickly deploy capital into renewables, but that competition in upcoming rounds is likely to be fierce. Also, reports suggest pressure for production cuts in Kurdistan, putting DNO’s production at risk.

Jon Masdal

Weekly news, topics & discussions

Following BW Energy’s Q2 report last week, we lifted our NAV to NOK40/share (30) and increased our target price to NOK26 (20), as we see multiple upcoming potential triggers from the re-start of the Ruche development and exploration potential. Elsewhere, Brent prices saw a large drop this week after US EIA oil figures were published on Wednesday while European gas prices continue to rise ahead of the winter season.

Jon Masdal

Weekly news, topics & discussions

In Norway, additional projects are moving forward thanks to the support package, which we believe could lift NAVs, while Equinor is progressing the Bay du Nord development offshore Canada towards FID, potentially as early as 2021. BW Energy reported Q2 results and provided a firm timeline for its Ruche development as well as an exciting exploration update on the Hibiscus area suggesting material resource upside potential.

Jon Masdal

Weekly news, topics & discussions

Statistics Norway this week updated its May forecast for total investment in oil and gas activity in 2020. The small increase was driven by higher investment in existing fields (on the back of the tax change in June). For 2021, the estimate is up 2% from May, but still down from February’s estimate, mainly driven by a further decline in exploration activities.

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

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

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

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 we...

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 we...

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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