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

EQUINOR ASA

(EQNR)
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U.S. offshore Gulf oil cut 16% as Hurricane Zeta heads toward rigs

10/26/2020 | 10:01am EST

HOUSTON, Oct 26 (Reuters) - Oil producers on Monday shut offshore production and pulled workers off platforms in the U.S. Gulf of Mexico as the 27th named storm of the season strengthened into a hurricane and took aim at the U.S. Gulf Coast.

BP, Chevron and Equinor ASA evacuated platforms and halted production, spokespeople said, as Zeta steamed toward Mexico's Yucatan Peninsula. The hurricane is forecast to sweep across the resort area and churn through Gulf of Mexico oilfields.

Energy producers shut 16%, or 293,656 barrels per day (bpd) of oil and 6% of natural gas output, or 162.57 million cubic feet per day, the U.S. offshore energy regulator said.

Zeta was 90 miles (145 km) southeast of Cozumel, Mexico, packing maximum sustained winds of 80 miles per hour (130 km per hour) at 4 p.m. CDT (2100 GMT). It could approach the northern Gulf Coast at or near hurricane strength on Wednesday, the U.S. National Hurricane Center said.

BHP Group Ltd also withdrew staff from its U.S. Gulf of Mexico offshore facilities, and Royal Dutch Shell paused drilling and limited staff movement to its platforms. Shell has not halted production, it said in a statement.

Occidental Petroleum Corp., the third-largest producer in the offshore Gulf of Mexico, was taking steps to prepare facilities in the storm's path.

It has been a challenging year for Gulf of Mexico oil and gas producers, with companies withdrawing workers and halting output at least six times as storms churned through.

U.S. Gulf of Mexico offshore oil production accounts for about 17% of total U.S. crude oil output and 5% of total U.S. dry natural gas production.

If Zeta strikes the U.S. mainland, it would top the record of 10 named storms to make a U.S. landfall during the span of one hurricane season, set only weeks ago by Hurricane Delta.

Louisiana Offshore Oil Port, the largest deepwater oil export port on the U.S. Gulf Coast, is implementing storm procedures, it said. Oil deliveries to its onshore storage were unaffected.

Export ports from Baton Rouge, Louisiana, to Pascagoula, Mississippi, were open on Monday but under warnings to expect gale force winds within 48 hours. (Reporting by Erwin Seba; writing by Gary McWilliams; Editing by David Gregorio and Marguerita Choy)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 1.95% 39.31 End-of-day quote.1.00%
BP PLC -1.61% 262.8 Delayed Quote.-43.35%
CHEVRON CORPORATION 2.77% 89.87 Delayed Quote.-25.43%
EQUINOR ASA -0.25% 141.45 Delayed Quote.-19.23%
LONDON BRENT OIL -0.04% 47.96 Delayed Quote.-28.42%
OCCIDENTAL PETROLEUM CORPORATION 5.02% 15.89 Delayed Quote.-63.29%
ROYAL DUTCH SHELL PLC -0.26% 15.09 Delayed Quote.-42.16%
WTI 0.13% 44.955 Delayed Quote.-28.04%
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Financials (USD)
Sales 2020 45 616 M - -
Net income 2020 -2 583 M - -
Net Debt 2020 19 239 M - -
P/E ratio 2020 -21,0x
Yield 2020 2,96%
Capitalization 52 468 M 52 247 M -
EV / Sales 2020 1,57x
EV / Sales 2021 1,26x
Nbr of Employees 21 412
Free-Float 31,9%
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Technical analysis trends EQUINOR ASA
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 16,88 $
Last Close Price 16,12 $
Spread / Highest target 33,6%
Spread / Average Target 4,72%
Spread / Lowest Target -32,2%
EPS Revisions
Managers
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 ASA-19.23%52 247
SAUDI ARABIAN OIL COMPANY1.84%1 913 137
ROYAL DUTCH SHELL PLC-42.16%139 139
TOTAL SE-25.39%116 588
PETROCHINA COMPANY LIMITED-36.83%112 817
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-14.15%65 484