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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  BHP Group    BHP   AU000000BHP4

BHP GROUP

(BHP)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 10/20
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Microsoft in deal with Equinor for Norway CO2 storage project

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10/14/2020 | 01:58pm EDT
FILE PHOTO: The Microsoft sign is shown on top of the Microsoft Theatre in Los Angeles, California

OSLO (Reuters) - Microsoft Corp has signed a memorandum of understanding with Norway's Equinor to explore the use of a carbon dioxide storage facility as the tech firm seeks to erase its carbon footprint, it said on Wednesday.

The world's largest software company pledged in January to remove enough CO2 by 2050 to account for all its emissions since its founding in 1975, and to invest $1 billion in a carbon removal technology.

Microsoft will become a technology partner in the Northern Lights project, part of a wider Norwegian effort to develop carbon capture technology at industrial sites and store CO2 under the seabed, Equinor said at a news conference in Oslo.

"Our goal is not only to contribute our technology and know-how, but explore how new solutions like the Northern Lights project can help us meet our own carbon negative goals by 2030," Microsoft President Brad Smith said in a statement.

The Northern Lights project is a partnership with Shell and Total.

The Norwegian government is expected to cover about 80% of the 6.9 billion Norwegian crown ($751 million) cost of the CO2 deposit's first stage, which would be able to store 1.5 million CO2 tonnes per year, Equinor has said.

"Carbon capture and storage (CCS) is a proven technology and has the potential to play a key role in decarbonising energy and industries across sectors to meet international climate targets," Equinor executive Irene Rummelhoff said.

Microsoft's Smith told the news conference it was important to find new ways to pay for carbon to be removed and stored permanently.

"That's why this new technology is of such critical importance to a company like Microsoft," he said via video link.

"I believe we will be one of many companies... that would want to purchase the services for carbon to be removed, to be captured and to be stored," he said.

($1 = 9.1873 Norwegian crowns)

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik, Victoria Klesty, Kirsten Donovan)

By Nerijus Adomaitis


Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP -1.64% 35.9 End-of-day quote.-7.76%
EQUINOR ASA -1.09% 132.1 Delayed Quote.-23.90%
INTUIT INC. 0.53% 337.06 Delayed Quote.30.24%
MICROSOFT CORPORATION 1.17% 216.78 Delayed Quote.39.29%
NORSK HYDRO ASA -0.38% 26.1 Delayed Quote.-19.73%
TOTAL SE -0.44% 28.23 Real-time Quote.-42.48%
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Financials (USD)
Sales 2021 43 937 M - -
Net income 2021 9 885 M - -
Net Debt 2021 10 923 M - -
P/E ratio 2021 16,6x
Yield 2021 4,24%
Capitalization 168 B 119 B -
EV / Sales 2021 4,08x
EV / Sales 2022 4,20x
Nbr of Employees 31 589
Free-Float 58,1%
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Technical analysis trends BHP GROUP
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 28,82 $
Last Close Price 35,90 $
Spread / Highest target -9,36%
Spread / Average Target -19,7%
Spread / Lowest Target -38,6%
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Managers
NameTitle
Mike Henry CEO & Non-Independent Executive Director
John Kenneth Norman MacKenzie Chairman
Peter Beaven Chief Financial Officer
Rag Udd CTO & VP-Technology Global Transformation
Malcolm William Broomhead Independent Non-Executive Director
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