19.86 -0.11 (-0.56%)
After hours: 4:26PM EST
|Bid||19.93 x 2200|
|Ask||20.03 x 2900|
|Day's range||19.61 - 20.01|
|52-week range||16.24 - 23.97|
|Beta (5Y monthly)||0.79|
|PE ratio (TTM)||12.21|
|Forward dividend & yield||1.04 (5.20%)|
|Ex-dividend date||16 Feb 2020|
|1y target est||24.30|
(Bloomberg) -- Siccar Point Energy Ltd., the North Sea oil producer backed by Blackstone Group Inc., has received final bids from suitors including Chrysaor Holdings Ltd. and Equinor ASA, people with knowledge of the matter said.Canada’s Suncor Energy Inc., Chinese oil major Cnooc Ltd. and a company backed by private equity firm HitecVision AS also submitted binding offers, the people said, asking not to be identified because the information is private. Many proposals fell short of the price expectations of Siccar Point’s owners, and some parties expressed interest only in certain assets, they said.Blackstone and Blue Water Energy LLP were earlier planning to seek about $2 billion to $3 billion from a sale of Siccar Point, the people said. They are now evaluating the bids and will decide whether to proceed with a transaction or hold on to the business for longer, the people said.Siccar Point’s owners started gauging interest from potential buyers last year. The company has grown through acquisitions including the $1 billion purchase of OMV AG’s U.K. unit in 2016, a deal that cemented its footprint in the British North Sea.Representatives for Blackstone, Chrysaor, Cnooc, Equinor, HitecVision, Siccar Point and Suncor declined to comment, while a representative for Blue Water didn’t immediately respond to a request for comment.The North Sea will continue to be an active spot for oil and gas deals this year, after $15 billion of assets changed hands in 2019, consultant Wood Mackenzie Ltd. said this month. Private-equity buyers have come in as larger companies including Exxon Mobil Corp. and Chevron Corp. sold projects to focus on more profitable regions.Siccar Point has stakes in six projects including Rosebank, one of the U.K.’s largest undeveloped fields. The company’s overall output is expected at 16,000 barrels of oil equivalent a day this, rising to 80,000 a day by the second half of the 2020s, according to documents seen by Bloomberg last year.The Rosebank and Schiehallion projects are in waters west of the Shetland islands, a less developed area where majors still hold a strong presence. BP Plc operates the Schiehallion field, while Equinor is operator of the Rosebank development.\--With assistance from Feifei Shen.To contact the reporters on this story: Laura Hurst in London at email@example.com;Dinesh Nair in London at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, ;Ben Scent at firstname.lastname@example.org, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Through this restructuring, Encana (ECA) will effectively exchange Ovintiv's one share of common stock for every five common shares of Encana.
Equinor (EQNR) receives production licenses in the Norwegian Continental Shelf to be able to utilize its current infrastructure for lucrative development.
By devising new plans and extensions, Equinor (EQNR) is creating a new ''late life'' wherein it will find innovative methods to enhance operations with low carbon footprints from late-life fields.
(Bloomberg Opinion) -- The start of a new year brings with it a raft of data on the world’s energy systems. So far, electricity sector figures show a transition well underway — some sources increasing, others collapsing. Each market is different, but the trends in markets as diverse as the U.K., Spain, Australia and Texas all show profound changes in what is a very short period of time.Coal has nearly vanished in the U.K.: Figures from National Grid Plc show that coal-fired power made up just 2.1% of the power mix last year — down from 75% in 1990. Coal was the single-biggest generation type just six years ago; now, it is smaller than what analysis group Carbon Brief classifies as “other.” Gas is now by far the largest source of power generation in the U.K., followed by wind power, which surpassed nuclear last year.Coal collapsed in Spain, too: Coal-fired electricity in Spain dropped to its lowest levels since the country’s grid operator began keeping records in 1990. At less than 5% of total generation in 2019, Spain’s coal sector isn’t quite as shrunken as it is in the U.K., but it’s also 85.6% less than it was in 2002, when coal was at its peak, according to an El País analysis of the grid operator’s data. BloombergNEF analysis from October anticipated this change; as analysts said, Spanish coal hit an economic wall and utilities are now phasing out coal at a far faster rate than climate and energy policies dictate.U.S. coal power is now back to 1970s levels: According to Rhodium Group analysis, the U.S. power sector’s coal consumption fell 18% in 2019, bringing it back to the same level as in 1975. The resulting drop in power sector emissions was good enough for a 2% drop in economy-wide emissions, even with emissions from transportation, industry and agriculture all increasing.Wind almost — but not quite — blows away coal in Texas: As my colleagues pointed out in research earlier this week, Texas wind power came within a few gigawatt-hours of exceeding the Lone Star State’s coal-fired power generation last year. It’s worth seeing Texas’s wind, coal and gas-fired power charted together. Wind is structural, with steady growth since 2011; coal is cyclical, and it is essentially the inverse of gas-fired power at any given moment. The state is expected to add another 11 gigawatts of wind capacity by 2025.Solar crosses gas in Australia: Wind also surpassed coal in Australia last year — well, one kind of coal, at least. Wind generation exceeded brown coal generation in 2019. Brown coal, also called lignite, is not the main coal fuel in the country, however. Wind remains quite a ways behind black-coal-fired power generation.Perhaps more significant is another crossover point: Customer-owned rooftop solar now generates more power in Australia than all the country’s natural-gas-fired plants. Rooftop solar generation is also quite close to equaling wind generation as well. The next month will bring more global energy data, and more significant market activity, with BlackRock Inc. joining Climate Action 100+, the $41 trillion investor climate campaign. More market transitions are coming, from electrons and molecules to the capital that enables both.Weekend readingGreen bonds and loans totaled $465 billion in 2019, up 78% from 2018. 2019 was the warmest and driest year on record in Australia. 2019 was the second-wettest year on record in the U.S., and the hottest year ever recorded in Alaska, which was 6.2 degrees warmer than the long-term average. IKEA of Sweden AB plans to be “climate positive” by the year 2030. JetBlue Airways Corp. aims to become carbon neutral by July. Turbine maker Vestas Wind Systems A/S aims to become carbon neutral “no later than 2030.” Oil producer Equinor ASA aims to cut its emissions to “near zero by 2050.” Philanthropy must stop fiddling while the world burns. Tech has reached the end of the beginning. Lab-grown food will soon destroy farming — and save the planet. A look back, from 2030, at why the 2020s were California’s golden decade. In 2030 we ended the climate emergency. Here’s how.Get Sparklines delivered to your inbox. Sign up here.(Corrects second chart to reflect accurate measurement of wind capacity.)To contact the author of this story: Nathaniel Bullard at email@example.comTo contact the editor responsible for this story: Brooke Sample at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nathaniel Bullard is a BloombergNEF energy analyst, covering technology and business model innovation and system-wide resource transitions.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Equinor ASA just unveiled its most ambitious climate plan yet, but it isn’t enough to get Norway’s biggest oil company off the exclusion list of a major Danish pension fund.State-controlled Equinor wants to make its production in Norway carbon neutral by 2050. Yet critics say it isn’t addressing the much more substantial pollution that comes from using the fuel after it’s exported.MP Pension, which oversees about $20 billion in assets, tossed out the 10 biggest crude producers last year. It says it sees no reason to adjust that decision, after taking a closer look at Equinor’s latest climate goals.Read: Oil Giant Reveals Survival Tactics in Age of Climate AnxietyAnders Schelde, the chief investment officer of MP, said Equinor’s targets are really what should be expected from any company, and don’t yet include any risk assessments of its business model in different scenarios in the transition to cleaner energy globally.“The steps taken by Equinor may perhaps stand out as ambitious within the fossil extraction sector, but less so when you compare across all sectors,” he said in an email. “They are not there yet in your view. They will remain on MP’s exclusion list also after this announcement.”‘Very Ambitious’Investors need to make individual assessments of their strategies, Equinor’s head of development and production in Norway said in an interview at a conference in Oslo on Wednesday.“We believe these are very ambitious and important measures toward meeting the climate challenge,” Arne Sigve Nylund said.Equinor said on Monday it will present a “holistic climate platform” next month, but declined to say whether it would provide specific targets for emissions derived from the use of its products, like some rivals have.“We will revert to that at the capital markets day” on Feb. 6, Nylund said on Wednesday.(Updates with Equinor comment in last paragraphs)To contact the reporters on this story: Mikael Holter in Oslo at email@example.com;Christian Wienberg in Copenhagen at firstname.lastname@example.orgTo contact the editor responsible for this story: Tasneem Hanfi Brögger at email@example.comFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- The largest oil company in western Europe’s biggest petroleum exporter wants to drastically cut its carbon footprint.Equinor ASA, which is based in the Norwegian town of Stavanger on the edge of the North Sea, is trying to adapt its business model to a world increasingly alarmed by the fallout of climate change.Eldar Saetre, the chief executive of Equinor, puts it simply. “The most important question for us as a company and as an industry -- and also for Norway as a nation -- is this: how do we remain relevant and competitive?”Equinor, which is controlled by the Norwegian state, just launched its most ambitious climate goals to date. The idea is to make oil and gas installations virtually emissions-free by 2050.“This isn’t politics, it’s business,” Saetre told reporters in Oslo on Monday.Read: Equinor Plans to Make Norway Oil Operations Emissions-FreeEquinor, which not that long ago was called Statoil, is betting that lower emissions in the production phase can keep the company competitive. And with roughly a quarter of Norway’s total emissions coming from Equinor, any cuts the company can achieve would make a meaningful difference to the whole country.To be sure, the emissions caused during production represent just a small fraction of the total over an oil barrel’s life cycle. And other oil companies are chasing more ambitious goals. Repsol SA of Spain said last month it would cut all emissions by 2050, including from the products it sells, as opposed to Equinor.$20 Billion Fund Is Keeping Equinor on Black ListEquinor just unveiled its most ambitious climate plan yet, but it isn’t enough to get Norway’s biggest oil company off the exclusion list of a major Danish pension fund. Click here to read more. In Norway, which has become one of the world’s richest countries thanks to its vast oil reserves, figuring out how to adapt to climate change is becoming an increasingly fraught subject. Its $1.1 trillion sovereign-wealth fund (locally dubbed the oil fund) has tried to exit fossil-fuel stocks. But Norway has so far proved unable to wean itself off oil.Calls from activists and some politicians for an end date to oil production are growing more frequent. Meanwhile, uncertainty over key parameters such as industry taxes has grown.Equinor stressed that its emission cuts depend on stable framework conditions. In an interview, Saetre said he hopes the steps Equinor is taking will “strengthen and make more robust the political support the industry has enjoyed.”“This is something we don’t wish to be dragged into,” he said. “We want to be at the forefront and the driver’s seat.”Equinor and its partners plan to invest about 50 billion kroner ($5.7 billion) to reach a first target to cut emissions by 40% by 2030. That will mostly be done by connecting offshore platforms and onshore plants to Norway’s electricity grid, which is dominated by clean hydropower. Reductions will then reach 70% in 2040 and almost 100% by 2050.Though the investment needed to switch to clean energy in the production stage will have a “neutral to positive net present value,” Saetre said the expectation is that Equinor will become more cost competitive over time, as carbon pricing increases.Good Enough?Equinor’s efforts to reduce its carbon footprint will bring it in line with the overall climate goals of Norway, which is a signatory of the Paris Agreement. But the measures are unlikely to satisfy drilling opponents, given that the cuts do nothing to address emissions from the oil’s combustion, which makes up more than 90% of the total.“These ambitions ignore the elephant in the room,” said Mark van Baal, the head of Dutch investor advocacy group Follow This. “An oil company with targets for its own emissions, and not for its products, is like a cigarette producer that promises that all employees will quit smoking, while increasing cigarette production.”A good illustration of why activists are concerned can be found in the giant Johan Sverdrup field in the North Sea, which is being officially opened on Tuesday by Prime Minister Erna Solberg. It’s slated to continue pumping oil for several decades after starting in October. Emissions from the field are way lower than those elsewhere in the industry, at less than 1 kilogram of CO2 for each barrel that’s produced. But emissions from the oil itself, if all 2.7 billion barrels are used, would amount to more than 20 times the annual total for Norway.The new targets “will obviously have a positive reputation effect in Norway,” said Klaus Mohn, an economics professor at the University of Stavanger. “But I don’t think it will be enough to calm the debate about the industry’s future.”(Adds reference to MP Pension’s black list)To contact the reporter on this story: Mikael Holter in Oslo at firstname.lastname@example.orgTo contact the editor responsible for this story: Tasneem Hanfi Brögger at email@example.comFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Equinor (EQNR) looks set to make the most of its strengths within innovation, technology and diversified industrial services to build feasible value chains.
Norway's Equinor plans to cut greenhouse gas emissions from its domestic operations by 40% this decade and to near zero by 2050, potentially allowing the country to keep pumping crude even as it works to meet international climate obligations. CEO Eldar Saetre told Reuters the plan could also give the state-controlled company a competitive advantage as the industry faces rising costs for climate warming emissions. Norway is western Europe's top oil and gas exporter.
Norwegian oil producer Equinor aims to cut greenhouse gas emissions generated at offshore fields and onshore plants in Norway by about 40% in the coming decade and to near zero by 2050, it said on Monday. The cuts could allow Norway, western Europe's top oil and gas exporter, to continue to pump millions of barrels of oil even as the country seeks to fulfil obligations under the 2015 Paris climate agreement to slash domestic emissions. The initial cuts will primarily come through replacing electricity from gas turbines with renewable energy at major installations, including offshore wind turbines and hydroelectric power via subsea cables.
Norway's Equinor ASA has submitted to Brazil's oil industry regulator ANP declarations of the commercial viability of two blocs licensed in the Carcara oil field in the pre-salt region of the Santos basin, the company said on Thursday. In a statement, Equinor said it reported to ANP as operator in the name of its partners Exxon Mobil Corp and Petrogal Brasil in the BM-S-8 and Norte de Carcara licensed areas. Four of five exploratory wells drilled produced oil, it said.
OSLO/MOSCOW (Reuters) - Russia's Rosneft and Norway's Equinor have agreed details on how to develop an Arctic Siberian onshore oilfield, they said on Monday, their first joint investment since agreeing a strategic partnership in 2012. The firms expect to extract about 250 million barrels of oil and 23 billion cubic metres of gas in the first stage of developing the Severo-Komsomolskoye oilfield, Equinor said, without giving a value for the investment. Rosneft has a 66.67% stake and Equinor holds the remaining shares in SevKomNeftegaz, which owns the licence.
The initial exploration work by Equinor (EQNR), which hits a well holding water, is intended to test the discovery in the primary exploration target and decide the ratio between oil and gas.
Norwegian oil worker Nils Magne Lunde is preparing to drill a well at Johan Sverdrup, a North Sea offshore field which started in October and has quickly become Western Europe's biggest oil producer with rapidly rising output. Doubts about the future of Norway's main industry are mounting. Norway has not discovered any major new oil deposits and green groups and young politicians are increasingly calling for production to be curbed or even a shut down due to climate change.
N orwegian oil worker Nils Magne Lunde is preparing to drill a well at Johan Sverdrup, a North Sea offshore field which started in October and has quickly become Western Europe's biggest oil producer with rapidly rising output. Doubts about the future of Norway's main industry are mounting.
Equinor (EQNR)-run Johan Sverdrup oil field's phase one production projection of 440,000 barrels of oil per day for summer 2020 is constant.
The huge Johan Sverdrup oilfield in Norway’s North Sea is already producing 350,000 barrels of oil per day, two months after coming on stream according to an Equinor representative
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Norwegian oil and gas firm Equinor said on Friday it would start a controlled shutdown of its offshore Heimdal platform after two people were injured the previous day. The people, a man, 22, and a woman, 19, were airlifted to a hospital after sustaining injuries when a portable nitrogen gas container exploded on board of platform, the company said. Arne Sigve Nylund, Equinor's head of Norwegian operations, said in a statement that a controlled production shutdown was planned to ensure proper follow-up of personnel on board the platform.