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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Equinor ASA    EQNR   NO0010096985

EQUINOR ASA

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Equinor : Rystad Energy - Norway excludes E&P companies from the Oil Fund

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03/11/2019 | 10:58am EDT

The government of Norway today proposed to exclude exploration and production companies within the energy sector from the Government Pension Fund Global (the 'Oil Fund' or 'Sovereign Wealth Fund'), as a means to reduce the aggregate oil price risk in the Norwegian economy.

Rystad Energy senior partner and head of analysis Per Magnus Nysveen comments: 'This is a surprising decision. From a financial perspective, it will make it impossible for the fund to replicate the stock market, which is a key task for a passive investor such as the Oil Fund. Obviously, this must be weighed against the need to hedge or reduce the vulnerability of our common oil wealth,' said Nysveen.

'However, there are more effective measures than exclusion of E&P companies. The government could reduce its shareholding in the Norwegian oil company Equinor, of which it currently owns 67%. Or it could privatize Petoro, which has substantial holdings in production licenses on the Norwegian continental shelf. This would achieve more in terms of reducing Norway's excessive exposure to the cyclical and often turbulent swings of the oil and gas industry. It would also be popular among conservatives,' Nysveen added.

'Majors and integrated oil and gas companies will not be exluded from the fund. Only shares in independent E&P companies, with an aggregate market value of about NOK 70 billion, will be sold. For comparison, this is approximately 10% of the market value of Equinor or one third of Petoro's asset value,' Nysveen remarked.

'I'm glad to see that the Oil Fund can continue to invest in oilfield service companies under the government's new proposal. They play an integral part in the energy transition, and can help to bring down costs on renewable energy sources such as offshore wind,' Nysveen commented.

Contact:

Per Magnus Nysveen

Tel: +47 24 00 42 00

Email: per@rystadenergy.com

About Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy's headquarters are located in Oslo, Norway with offices in London, New York, Houston, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials ($)
Sales 2019 74 802 M
EBIT 2019 16 778 M
Net income 2019 6 354 M
Debt 2019 10 676 M
Yield 2019 4,50%
P/E ratio 2019 12,30
P/E ratio 2020 10,40
EV / Sales 2019 1,16x
EV / Sales 2020 1,04x
Capitalization 76 410 M
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Technical analysis trends EQUINOR ASA
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Mean consensus HOLD
Number of Analysts 31
Average target price 26,3 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Eldar Sætre President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer & Executive Vice President
Lars Christian Bacher Chief Financial Officer & Executive Vice President
Anders Opedal Executive VP-Technology, Projects & Drilling
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