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

EQUINOR ASA

(EQNR)
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Petrobras, Equinor stake out opposite renewables strategies in Brazil

12/01/2020 | 01:09pm EST

RIO DE JANEIRO, Dec 1 (Reuters) - Petrobras does not expect to invest in renewables over the next five years, Chief Executive Roberto Castello Branco said on Tuesday, adding that the Brazilian state-controlled company will instead put money into technologies to reduce the carbon footprint of its oil extraction activities.

Castello Branco has repeatedly said Petroleo Brasileiro SA , as the company is formally known, has no comparative advantage in renewable energy and that many environmental targets put forward by its European competitors are fanciful.

His latest comments, made during a presentation to analysts and investors, also contrasted sharply with an address made by Equinor ASA CEO Anders Opedal to a Brazilian oil conference earlier in the day, in which he said the company was scouting out offshore wind opportunities throughout the South American nation.

In those comments, made during the biennial Rio Oil & Gas conference, Opedal made reference to a 2018 memorandum of understanding (MOU) signed between Equinor and Petrobras to pursue offshore wind projects in Brazil.

So far, that MOU has not resulted in any potential projects - and it appears unlikely to.

"We do not expect to invest a dollar in renewables over the next five years," Castello Branco said, while discussing the company's updated five-year business plan.

In that same presentation, which was not part of Rio Oil & Gas, Castello Branco said that Petrobras is likely to sell a clutch of offshore natural gas pipelines via an initial public offering in the third quarter of 2021. He added that his estimate could change, in part because the potential IPO requires an agreement with other stakeholders in the pipes. (Reporting by Gram Slattery Editing by Chizu Nomiyama and Paul Simao)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA 0.90% 168.5 Real-time Quote.15.21%
EURO / BRAZILIAN REAL (EUR/BRL) -0.48% 6.3636 Delayed Quote.0.54%
LONDON BRENT OIL 0.97% 55.29 Delayed Quote.6.15%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS -0.18% 28.07 End-of-day quote.-0.95%
WTI 0.33% 52.481 Delayed Quote.8.19%
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Financials (USD)
Sales 2020 45 337 M - -
Net income 2020 -2 503 M - -
Net Debt 2020 19 025 M - -
P/E ratio 2020 -26,1x
Yield 2020 2,45%
Capitalization 63 242 M 63 249 M -
EV / Sales 2020 1,81x
EV / Sales 2021 1,40x
Nbr of Employees 21 412
Free-Float 31,9%
Chart EQUINOR ASA
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Technical analysis trends EQUINOR ASA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 18,80 $
Last Close Price 19,44 $
Spread / Highest target 33,3%
Spread / Average Target -3,29%
Spread / Lowest Target -43,7%
EPS Revisions
Managers and Directors
NameTitle
Anders Opedal President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer
Svein Skeie Chief Financial Officer
Bjørn Tore Godal Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
EQUINOR ASA15.21%63 249
SAUDI ARABIAN OIL COMPANY-0.14%1 862 312
ROYAL DUTCH SHELL PLC13.92%152 560
TOTAL SE4.76%117 404
PETROCHINA COMPANY LIMITED8.33%113 073
GAZPROM7.32%73 022