reports
- Steffen Evjen
Weekly news, topics & discussion
This week, we published a note on the harsh reality of USD70/bbl for our coverage. While investors appear to be positioning for lower oil prices, we believe consensus FCF estimates for NCS large caps remain overly aggressive. Meanwhile, DNO announced a discovery at the Kjøttkake prospect, north-west of Troll, adding ~NOK0.8/share (~4%) to DNO’s NAV and ~NOK1/share to Aker BP’s (
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025 Nedenfor følger informasjon om transaksjoner foretatt under første transje av Equinor ASAs (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO) tilbakekjøpsprogram for 2025. Dato for når transjen ble annonsert: 5. februar 2025. Transjens varighet: 6. februar til senest 2. april 2025. Ytterligere informasjon om transjen kan finnes i børsmelding om dens oppstart datert 5. februar 2025, tilgjengelig her: Den 24. mars 2025, har Equinor ASA kjøpt tilbake totalt 515.300 egne aksjer til en gjennomsnittspris på NOK 269,5603 pr. aksje. ...
Equinor ASA: Share buy-back – first tranche for 2025
Equinor ASA: Share buy-back – first tranche for 2025 Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the tranche was announced: 5 February 2025. The duration of the tranche: 6 February to no later than 2 April 2025. Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: On 24 March 2025, Equinor ASA has purchased a total of 515,300 own shares at an average price...
- Steffen Evjen
The harsh reality of USD70/bbl
Investors are positioning for lower oil prices, and the perception seems to be that cash flows are set to remain healthy and valuations attractive. We are concerned that overly aggressive consensus FCF facilitates this, as our USD70/bbl calculations imply a normalised FCF yield of only 6–8% for our coverage. With the European majors trading at a 2025–2027e FCF yield of c12%, we struggle to find an attractive risk/reward in large-cap NCS stocks, as the implied returns are negative c10–25% at peer...
- Steffen Evjen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
Equinor ASA: Share buy-back – first tranche for 2025
Equinor ASA: Share buy-back – first tranche for 2025 Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the tranche was announced: 5 February 2025. The duration of the tranche: 6 February to no later than 2 April 2025. Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: From 17 March to 21 March 2025, Equinor ASA has purchased a total of 2,950,000 own shares at ...
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025 Nedenfor følger informasjon om transaksjoner foretatt under første transje av Equinor ASAs (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO) tilbakekjøpsprogram for 2025. Dato for når transjen ble annonsert: 5. februar 2025. Transjens varighet: 6. februar til senest 2. april 2025. Ytterligere informasjon om transjen kan finnes i børsmelding om dens oppstart datert 5. februar 2025, tilgjengelig her: Fra 17. mars til 21. mars 2025, har Equinor ASA kjøpt tilbake totalt 2.950.000 egne aksjer til en gjennomsnittspris på NOK 265,4...
- Steffen Evjen
Weekly news, topics and discussion
This week, NCS February production was broadly in line with the NOD’s expectations, with total output flat MOM but down 2.4% YOY. Aker BP showed solid January production, while Equinor, Vår Energi, OKEA and DNO showed declines MOM. Halten East is now on stream, but its slow ramp-up limits Vår Energi’s 2025 uplift to ~5kboed, reinforcing the downside risk to its 330–360kboed guidance. Also, DNO successfully placed a new USD600m bond (8.5% coupon) to refinance DNO04 and for general corporate purpo...
- Steffen Evjen
NCS February production in line
The Norwegian Offshore Directorate’s (NOD) preliminary NCS figures for February showed liquids production of 1,938kboed (in line with its forecast) and gas production of 355mcm/d (3.8% above its estimate). Overall production was 4.17mmboed, flat MOM (1.8% above its forecast), but down 2.4% YOY. Company-wise, Aker BP reported solid production in January, while Equinor, Vår Energi, OKEA and DNO all reported production down MOM.
Correction: Equinor presents 2024 Annual report
Correction: Equinor presents 2024 Annual report Correction: The below stock market announcement (SMA) is a correction of the SMA published on 20 March 2025 message ID 641734. The reason for the correction is that information related to the balance sheet of Equinor ASA was inadequately presented in the attachment “Equinor Annual Report 2024.pdf”. The presentation is now complete in the attached reporting. * * * Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes annual report for 2024, including financial and sustainability reporting. “2024 was marked by continued unpredictability in energy m...
Correction: Equinors årsrapport for 2024
Correction: Equinors årsrapport for 2024 Korreksjon: Børsmeldingen nedenfor er en korreksjon av børsmelding som ble publisert 20. mars 2024 med message ID 641733. Årsaken til korreksjonen er at informasjon knyttet til balansen for Equinor ASA var ufullstendig i vedlegget «Equinor aarsrapport 2024.pdf». Informasjonen er nå fullstendig i vedlegget. * * * Equinor ASA (OSE: EQNR, NYSE: EQNR) publiserer i dag årsrapporten for 2024, som inkluderer finansiell- og bærekraftrapportering. “2024 var preget av uforutsigbare energimarkeder, med økende energietterspørsel, politisk usikkerhet og ujevn ...
Equinor presents 2024 Annual report
Equinor presents 2024 Annual report Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes annual report for 2024, including financial and sustainability reporting. “2024 was marked by continued unpredictability in energy markets, with growing energy demand, political uncertainty and uneven progress in the energy transition. Our focus is on producing the energy the world needs today, and at the same time developing the energy systems needed for the future,” says Anders Opedal, President and CEO of Equinor ASA. Safety “A systematic approach to safety over time is paying off with the best safety re...
Equinors årsrapport for 2024
Equinors årsrapport for 2024 Equinor ASA (OSE: EQNR, NYSE: EQNR) publiserer i dag årsrapporten for 2024, som inkluderer finansiell- og bærekraftrapportering. “2024 var preget av uforutsigbare energimarkeder, med økende energietterspørsel, politisk usikkerhet og ujevn fremgang i energiomstillingen. Equinor fortsetter å bygge porteføljen for å levere energien som trengs i dag, samtidig som vi utvikler energisystemer som er nødvendige for fremtiden,” sier Anders Opedal, konsernsjef for Equinor ASA. Sikkerhet “En systematisk tilnærming til sikkerhet førte til historisk gode sikkerhetsresulta...
- Ahmed Ben Salem
- Emira Sagaama
- Margaux van Oerle
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GTT GAZTRANSPORT & TECHNIGAZ SA
MMK MAYR-MELNHOF KARTON AG
ENI ENI S.P.A.
SAF SAFRAN S.A.
BOL BOLLORE SA
REP REPSOL SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BP. BP P.L.C.
PHNX PHOENIX GROUP HOLDINGS PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Ahmed Ben Salem
- Emira Sagaama
- Margaux van Oerle
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GTT GAZTRANSPORT & TECHNIGAZ SA
MMK MAYR-MELNHOF KARTON AG
ENI ENI S.P.A.
SAF SAFRAN S.A.
BOL BOLLORE SA
REP REPSOL SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BP. BP P.L.C.
PHNX PHOENIX GROUP HOLDINGS PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Steffen Evjen
- Ahmed Ben Salem
- Thijs Berkelder
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...
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