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    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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Norway produced more oil, less gas than expected in April

05/20/2020 | 11:36am EDT
FILE PHOTO: A general view of the Equinor's Johan Sverdrup oilfield platforms in the North Sea

Norway's oil output jumped more than expected in April, the Norwegian Petroleum Directorate (NPD) said on Wednesday, while forecasts for the remaining year's production were cut in line with the government's decision following May's OPEC+ meeting.

The country's crude oil production rose by 4.5% month-on-month from March to 1.78 million barrels per day (bpd), beating official forecasts by 1.8%. It rose 30.1% year-on-year, mainly thanks to the ramp-up of Equinor's giant Johan Sverdrup oilfield.

Daily natural gas output fell by 13% month-on-month, missing the official forecast by 3.7% and was down 10.6% from a year ago. Overall monthly gas output in April totalled 9.0 billion cubic metres.

NPD also updated its monthly production forecast for the rest of the year to reflect Norway's oil production cuts, as well as the delayed start-up of several fields, including Equinor's Martin Linge and Repsol Yme.

Output in June is now expected to be at 1.61 million bpd, and for the rest of the year at 1.73 million bpd, in line with the government-set output ceiling.

The oil ministry has said it would mean that Norway would cut output by 250,000 bpd in June and by 134,000 bpd during the second half of the year.

The revised NPD forecast for June, however, is just 50,000 bpd lower compared to the view from the beginning of the year.

Analysts have previously said that the government-announced cuts will be lower in reality due to an inflated baseline, a ramp-up of Sverdrup and summer maintenance.

The government said the announced cuts were made from a reference point of 1.86 million bpd, a level it previously expected to reach by the end of 2020.

The revised forecast showed output in December to be 148,000 bpd lower from the previous view, reflecting delays in starting new developments.

(Reporting by Terje Solsvik and Nerijus Adomaitis; editing by Victoria Klesty and Emelia Sithole-Matarise)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AKER BP ASA -3.56% 265.8 Real-time Quote.22.94%
DNO ASA -3.07% 9.998 Real-time Quote.45.57%
EQUINOR ASA -4.53% 173.56 Real-time Quote.19.74%
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.41.20%
LUNDIN ENERGY AB (PUBL) -1.93% 295.4 Delayed Quote.32.88%
REPSOL, S.A. -3.80% 10.74 Delayed Quote.30.18%
S&P GSCI CRUDE OIL INDEX 1.28% 390.7156 Delayed Quote.46.93%
WTI 0.78% 71.41 Delayed Quote.47.13%
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Financials (USD)
Sales 2021 70 070 M - -
Net income 2021 6 163 M - -
Net Debt 2021 12 179 M - -
P/E ratio 2021 10,3x
Yield 2021 3,25%
Capitalization 64 973 M 64 700 M -
EV / Sales 2021 1,10x
EV / Sales 2022 1,08x
Nbr of Employees 21 245
Free-Float 32,6%
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Technical analysis trends EQUINOR ASA
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 23,58 $
Last Close Price 20,04 $
Spread / Highest target 55,1%
Spread / Average Target 17,7%
Spread / Lowest Target -9,46%
EPS Revisions
Managers and Directors
NameTitle
Anders Opedal President & Chief Executive Officer
Svein Skeie Chief Financial Officer & Executive Vice President
Jon Erik Reinhardsen Chairman
Carri Lockhart Executive VP-Technology, Digital & Innovation
Jannicke Nilsson Chief Operating Officer
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1st jan.Capitalization (M$)
EQUINOR ASA19.74%64 700
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