reports
- Steffen Evjen
Weekly news, topics & discussion
This week, Vår Energi reported Q1 results very much in line with expectations. The company also reaffirmed its 2025 guidance and maintained its dividend. Also, OKEA reported a solid Q1, with production and prices slightly above our estimates. While a technical goodwill impairment reduces its dividend basket for 2025, we view this as non-material, as we do not expect any dividends before 2027. Meanwhile, we are 5% below consensus on Q1e EBIT ahead of Equinor’s Q1 results on 30 April (07:00 CET), ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/04/2025
Panoro Energy (PEN NO)C; Target price of NOK49 per share: Reserves addition much larger than expected – YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%). This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production. The higher than expected reserves addition is driven by robust reservoir performance in G...
BW Energy: Invitation to Q1 2025 results presentation in Oslo on 5 May
BW Energy: Invitation to Q1 2025 results presentation in Oslo on 5 May Invitation to Q1 2025 results presentation in Oslo on 5 May BW Energy will release its first quarter 2025 results on Monday, 5 May at 07:30 CEST. The Company will hold a presentation followed by Q&A at Hotel Continental in Oslo, Norway, on the same day at 09:30 CEST. The presentation will include an extended review of optimisation and development projects in Brazil. It will be hosted by CEO Carl K. Arnet, CFO Brice Morlot, CSO Thomas Young, CTO Jerome Bertheau and CCO Thomas Kolanski. You can also follow the pr...
- Steffen Evjen
Solid NCS production in March
The Norwegian Offshore Directorate’s (NOD) preliminary NCS figures for March showed liquids production of 1,972kboed (1.6% above its forecast) and gas production of 351mcm/d (0.4% above its forecast). Overall, production was 4.18mmboed (1.1% above its forecast), flat MOM, but down 4.9% YOY. Company-wise, the February production figures should be well known as most companies have already reported their production figures for Q1.
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Reserves addition much larger than expec...
• YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%). This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production. • The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG. • In Gabon, YE24 WI...
- Steffen Evjen
Equinor (Sell, TP: NOK220.00) - 5% below consensus on Q1e EBIT
We believe company-compiled consensus is too bullish on Q1e EPN liquids production (results due at 07:00 CET on 30 April); we forecast adj. EBIT of USD8.1bn (~5% below consensus of USD8.5bn), assuming EPN liquids production of 620kboed (consensus 640kboed). Official production data for total NCS liquids indicates declines of ~4% YOY and ~2% QOQ; in contrast, consensus assumes flat YOY production and a 2% QOQ increase for Equinor. We reiterate our SELL and NOK220 target price.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
Equinor ASA: Buy-back of shares to share programmes for employees
Equinor ASA: Buy-back of shares to share programmes for employees Please see below information about transactions made under the buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR) for shares to be used in the share-based incentive programmes for employees and management. Date on which the buy-back programme was announced: 5 February 2025. The duration of the buy-back programme: 14 February 2025 to 15 January 2026. Size of the buy-back programme: The total purchase amount under the programme is NOK 1,992,000,000 and the maximum shares to be acquired is 19,080,000 shares, of which up...
Equinor ASA: Kjøp av aksjer til aksjeprogram for ansatte
Equinor ASA: Kjøp av aksjer til aksjeprogram for ansatte Nedenfor følger informasjon om transaksjoner knyttet til tilbakekjøpsprogrammet for Equinor ASA (OSE:EQNR, NYSE:EQNR) til bruk i aksjebaserte insentivprogrammer for ansatte og ledelse. Dato for annonsering av tilbakekjøpsprogrammet: 5. februar 2025. Varighet av tilbakekjøpsprogrammet: 14. februar 2025 til 15. januar 2026. Størrelse av tilbakekjøpsprogrammet: Samlet kjøpesum i tilbakekjøpsprogrammet er inntil NOK 1.992.000.000 og det maksimale antall aksjer som kan erverves er 19.080.000, hvorav opp til 8.040.000 aksjer kan erverves...
Q1 2025 Trading Update and Invitation to Earnings Call
Q1 2025 Trading Update and Invitation to Earnings Call Oslo, 23 April 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q1 2025 operating and interim financial results on 15 May at 07:00 (CET). A videoconference call with executive management will follow at 14:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter. Volumes (boepd) Gross operated productionQ1 2025Q4 2024Q1 2024Kurdistan82,08174,16376,310North Sea8,8646,602- Net entitlement productionQ1 2025Q4 2024Q1 2024Kurdistan18,46417,42420,503No...
- Steffen Evjen
Equinor ASA: Notice of annual general meeting 14 May 2025
Equinor ASA: Notice of annual general meeting 14 May 2025 The annual general meeting of Equinor ASA (OSE: EQNR, NYSE: EQNR) will be held Wednesday 14 May 2025 at 15:00 CEST. The annual general meeting will be held in Equinor Business Center, Forusbeen 50, 4035 Stavanger for those attending in person and via Lumi AGM for those attending digitally. Voting will be carried out electronically via Lumi AGM for all shareholders. It is also possible to vote in advance or give proxy. Please see detailed information in the attached notice of the annual general meeting. Further information is also ...
Equinor ASA: Innkalling til ordinær generalforsamling 14. mai 2025
Equinor ASA: Innkalling til ordinær generalforsamling 14. mai 2025 Equinor ASAs (OSE: EQNR, NYSE: EQNR) ordinære generalforsamling finner sted onsdag 14. mai 2025 klokken 15.00 CEST. Generalforsamlingen vil bli avholdt i Equinor Business Center, Forusbeen 50, 4035 Stavanger for de som deltar fysisk og via Lumi AGM for de som deltar digitalt. Avstemning vil foregå elektronisk via Lumi AGM for alle aksjonærer. Det er også mulig å forhåndsstemme eller gi fullmakt før møtet. Ytterligere informasjon er tilgjengelig i vedlagte innkalling til generalforsamling. Se også informasjon på /generalfo...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
BW Energy: Appraisal well confirms potential for future Bourdon develo...
BW Energy: Appraisal well confirms potential for future Bourdon development cluster BW Energy is pleased to announce that second sidetrack DBM-1 ST2 well has confirmed the substantial oil discovery with good reservoir and fluid quality of the Bourdon prospect in the Dussafu Licence offshore Gabon, announced on 7 March 2025. Management estimates indicate 56 million barrels oil in place of which approximately 25 million barrels are considered recoverable. “The appraisal well confirms the potential for establishing a new development cluster with a production facility following the MaBoMo b...
- ABGSC Energy Research
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
Equinor (OSE: EQNR, NYSE: EQNR) suspends offshore construction activit...
Equinor (OSE: EQNR, NYSE: EQNR) suspends offshore construction activities for the Empire Wind project In accordance with a halt work order issued by the US government, Empire Offshore Wind LLC (Empire) will safely halt the offshore construction in waters of the outer continental shelf for the Empire Wind project. On 16 April, Empire received notice from the Bureau of Ocean Energy Management (BOEM), ordering Empire to halt all activities on the outer continental shelf until BOEM has completed its review. Empire is engaging with relevant authorities to clarify this matter and is considering...
Equinor (OSE: EQNR, NYSE: EQNR) stanser byggingen til havs på Empire W...
Equinor (OSE: EQNR, NYSE: EQNR) stanser byggingen til havs på Empire Wind-prosjektet I henhold til en ordre om arbeidsstans utstedt av den amerikanske administrasjonen, vil Empire Offshore Wind LLC (Empire) gjennomføre en sikker stans av byggingen av Empire Wind-prosjektet på ytre kontinentalsokkel. 16. april mottok Empire varsel fra Bureau of Ocean Energy Management (BOEM), som påla Empire å stanse all aktivitet på ytre kontinentalsokkel fram til BOEM har fullført sin gjennomgang. Empire er i dialog med relevante myndigheter for å avklare saken og vurderer samtidig sine rettslige mulighe...
- Stephane Foucaud
AUCTUS ON FRIDAY - 18/04/2025
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK47 per share: High production in Gabon – BW Energy reported gross production in Gabon of 39.3 mbbl/d. This equates to 6.9 mbbl/d net to Panoro’s 17.5% WI. IN OTHER NEWS ________________________________________ AMERICAS Galp Energia (GALP LI): 1Q25 update – 1Q25 production in Brazil was 104 mboe/d. Pantheon Resources (PNR LN): Disappointing well test results in Alaska – The Megrez-1 well fl...
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