reports
- Allen Good
Morningstar | Equinor Finishes Year Strong, Looks to Keep Momentum Int...
Equinor reported adjusted earnings of $4.4 billion in the fourth quarter of 2018, a 10.9% year-over-year change, and $18 billion for the fiscal year 2018, an increase of 42% compared with 2017. Net operating income amounted to $20.1 billion and organic free cash flow rose to $6.3 billion. The upstream segment drove the increase due to higher production and higher oil and gas realizations of nearly 30%. Midstream and Downstream, or MMP, segment results dampened Equinor’s overall earnings increa...
- Allen Good
Equinor Finishes Year Strong, Looks to Keep Momentum Into 2019
Equinor reported adjusted earnings of $4.4 billion in the fourth quarter of 2018, a 10.9% year-over-year change, and $18 billion for the fiscal year 2018, an increase of 42% compared with 2017. Net operating income amounted to $20.1 billion and organic free cash flow rose to $6.3 billion. The upstream segment drove the increase due to higher production and higher oil and gas realizations of nearly 30%. Midstream and Downstream, or MMP, segment results dampened Equinor’s overall earnings increa...
- Allen Good
Morningstar | Equinor Looks to Capitalize on Its Large NCS Position
In the past few years, Equinor has primarily been focused on production growth, turning to international markets for growth to neutralize falling production on the Norwegian Continental Shelf.The strategy has proved relatively successful, leading to growth that offset NCS declines and numerous high-impact discoveries. However, returns suffered even before oil prices began to fall, prompting management to re-evaluate its strategic plan and ultimately abandon its previous 2020 production target of...
- Allen Good
Morningstar | Equinor’s Earnings Double on Higher Prices; Reduced Ca...
Equinor reported a sharp increase in third-quarter earnings from the prior year with adjusted net earnings more than doubling to $2.0 billion from $819 million, thanks to higher oil and gas prices and production growth that offset slightly higher expenses and weaker refining and trading results. Equity production increased 1% from a year ago, thanks to the startup of new fields and new wells, in line with full-year guidance of 1%-2%. Management’s production growth guidance for 2017-20 is intac...
- Allen Good
Equinor’s Earnings Double on Higher Prices; Reduced Capex Guidance S...
Equinor reported a sharp increase in third-quarter earnings from the prior year with adjusted net earnings more than doubling to $2.0 billion from $819 million, thanks to higher oil and gas prices and production growth that offset slightly higher expenses and weaker refining and trading results. Equity production increased 1% from a year ago, thanks to the startup of new fields and new wells, in line with full-year guidance of 1%-2%. Management’s production growth guidance for 2017-20 is intac...
- Allen Good
Morningstar | Integrated Oils' Free Cash Flow Set to Improve; Increasi...
Integrated oils are set to reverse years of little or no free cash flow despite significantly lower oil and gas prices as high levels of investment give way to growth and capital restraint. We expect increased free cash flow from both upstream and downstream segments. In upstream segments, improved cost structures and the addition of higher-margin production will increase cash margins, offsetting much of the impact of lower oil prices. Meanwhile, service cost deflation, standardization, and simp...
- Allen Good
Morningstar | We are increasing Equinor's fair value estimate as cost ...
In the past few years, Equinor has primarily been focused on production growth, turning to international markets for growth to neutralize falling production on the Norwegian Continental Shelf.The strategy has proved relatively successful, leading to growth that offset NCS declines and numerous high-impact discoveries. However, returns suffered even before oil prices began to fall, prompting management to re-evaluate its strategic plan and ultimately abandon its previous 2020 production target of...
- Allen Good
Integrated Oils' Free Cash Flow Set to Improve; Increasing FVEs
Integrated oils are set to reverse years of little or no free cash flow despite significantly lower oil and gas prices as high levels of investment give way to growth and capital restraint. We expect increased free cash flow from both upstream and downstream segments. In upstream segments, improved cost structures and the addition of higher-margin production will increase cash margins, offsetting much of the impact of lower oil prices. Meanwhile, service cost deflation, standardization, and simp...
- Allen Good
We are increasing Equinor's fair value estimate as cost improvements t...
No-moat Equinor largely met market expectations in the second quarter of 2018. Higher liquids and gas prices in the upstream more than offset higher operating costs owed to new fields starting up and higher maintenance activity in the quarter, lifting adjusted earnings after tax by 31% to $1.7 billion year on year. Although production fell 3% because of natural declines on the Norwegian Continental Shelf, Norwegian upstream operations have been the largest performance boost to the group in the ...
- Allen Good
Morningstar | Higher Taxes and Working Capital Lead to Minor Hiccup in...
No-moat Equinor largely met market expectations in the second quarter of 2018. Higher liquids and gas prices in the upstream more than offset higher operating costs owed to new fields starting up and higher maintenance activity in the quarter, lifting adjusted earnings after tax by 31% to $1.7 billion year on year. Although production fell 3% because of natural declines on the Norwegian Continental Shelf, Norwegian upstream operations have been the largest performance boost to the group in the ...
- Allen Good
Higher Taxes and Working Capital Lead to Minor Hiccup in Equinor's Imp...
No-moat Equinor largely met market expectations in the second quarter of 2018. Higher liquids and gas prices in the upstream more than offset higher operating costs owed to new fields starting up and higher maintenance activity in the quarter, lifting adjusted earnings after tax by 31% to $1.7 billion year on year. Although production fell 3% because of natural declines on the Norwegian Continental Shelf, Norwegian upstream operations have been the largest performance boost to the group in the ...
- Allen Good
Statoil Steps Up Cash Generation in 1Q 2018
Despite falling just short of market expectations, no-moat Statoil reported largely uneventful first-quarter 2018 results. Adjusted earnings after tax increased to $1.5 billion compared with $1.1 billion last year, despite only 2% production growth and a weaker refining environment as higher oil and gas price realizations more than offset increased royalty payments, higher depreciation charges and transportation costs, and disadvantageous movements in the NOK/USD exchange rate. Equity production...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.