|Bid||16.04 x 1000|
|Ask||16.10 x 3200|
|Day's range||15.81 - 16.01|
|52-week range||8.41 - 21.04|
|Beta (5Y monthly)||0.73|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.36 (2.25%)|
|Ex-dividend date||14 Aug 2020|
|1y target est||18.76|
Equinor <EQNR.OL> on Monday announced the appointment of Anders Opedal as chief executive effective from Nov. 2 as the Norwegian oil and gas group looks to speed up its push into renewable energy. The new CEO, who had been executive vice president for technology, projects and drilling, replaces Eldar Saetre who will retire after more than 40 years at Norway's biggest company. "Equinor is entering a phase of significant change as the world needs to take more forceful action to combat climate change," Chairman Jon Erik Reinhardsen said in a statement.
The Board of Directors of Equinor (OSE: EQNR, NYSE: EQNR) has appointed Anders Opedal as new president and CEO of Equinor from 2 November 2020. Eldar Sætre will retire after six years as CEO and more than 40 years in the company."The Board is proud to present Anders Opedal as our next CEO. Equinor is entering a phase of significant change as the world needs to take more forceful action to combat climate change. The board’s mandate is for Anders to accelerate our development as a broad energy company and to increase value creation for our shareholders through the energy transition," says Jon Erik Reinhardsen, Chair of the Board of Directors in Equinor.Anders Opedal comes from the position as Executive Vice President Technology, Projects and Drilling. He joined Equinor as a petroleum engineer in 1997, spent many years in Drilling and Well and served as Chief Procurement Officer. In 2011, he was chosen to lead Equinor’s approximately NOK 300 billion project portfolio. He later served as Executive Vice President and Chief Operating Officer before taking the role as Senior Vice President and country manager Brazil. Opedal holds a Master’s degree in Engineering from The Norwegian Institute of Technology (NTNU) and an MBA from Heriot-Watt University in Edinburgh."Anders Opedal has deep knowledge of and broad experience from the energy sector. He has risen through the ranks of Equinor and has demonstrated outstanding leadership and consistently delivered results exceeding expectations. As the first engineer to become CEO he is passionate about technology, digitalisation and industrial development. A unanimous Board is confident that Anders is the right person to further develop Equinor as a force in the green shift, and together with our dedicated people, further strengthen the company culture and our safety performance," Jon Erik Reinhardsen says."I am honoured and proud to take over the responsibility as CEO. I am confident in Equinor and all our people, and in our ability to change and continue creating long-term value for our shareholders also in a low carbon future. We have a great starting point for what will be a massive transition with our strong assets, outstanding competence, technology and innovation skills, and we have highly engaged people and strong values to guide us in this process. Together, we will accelerate the development of Equinor as a broad energy company and our growth within renewables," says Anders Opedal."I really look forward to take on the role as CEO. I will use the time until I take over to prepare and plan for this great company’s future. And I will take the opportunity to engage and listen, both to the organisation and external stakeholders to get their valuable perspectives before setting the direction for my leadership for a new time," Opedal says.The Equinor Board of Directors have systematically and continuously worked with CEO succession planning, considering and assessing a diverse set of male and female candidates throughout this process.Eldar Sætre turns 65 years early next year and indicated before summer to the Board that this could be a natural point of retirement. This allowed the Board to plan a stepwise transition process to give a new CEO time to prepare for taking over the role.Opedal will take over the position as president and CEO from 2 November and Eldar Sætre will be available to advise the new CEO until he retires from the company 1 March 2021."Eldar has dedicated his whole career to Equinor since joining the company at the age of 24. As CEO since 2014, Eldar has developed Equinor as a broad and more global energy company. He took over as CEO at a time when the oil price saw a dramatic downturn. Thanks to his leadership and strong performance across the organisation, Equinor is today a safer, stronger and more competitive company, well positioned to thrive in the energy transition. The name change from Statoil to Equinor reflects the company’s reorientation and will forever stand as an important milestone during Eldar’s tenure. The Board is grateful for Eldar’s leadership, achievements and long commitment to the company," says Jon Erik Reinhardsen."I have spent my entire working life in Equinor. I love this company and it has been the utmost privilege to work with all the great people in Equinor for the last four decades. I am very proud of what we have achieved together. Thanks to the relentless efforts from competent and dedicated people across the company, Equinor is today a stronger and more competitive company, better prepared for a low carbon future than ever. I know Anders well, and I am confident that he is the right person to lead the company during the next phase of the energy transition," says Eldar Sætre, CEO of Equinor.Anders Opedal will establish a transition team and prepare to take over as CEO from 2 November. Effective immediately, Opedal will step out of his role as EVP Technology, Projects and Drilling and Geir Tungesvik will step into the role as acting EVP. Until commencement of the role as CEO, Opedal will be Executive Vice President reporting to the CEO and be part of the Corporate executive committee.Anders Opedal will receive a base salary of 9,1 million NOK. He will participate in the variable pay schemes within the framework previously established for the CEO role. His annual variable pay target will be 25% (maximum 50%) and long-term incentive 30% of base salary. The pensionable salary will be capped at 12 G. He will receive a fixed salary addition of 18% of base salary in lieu of pension contribution above 12G.* * *CV Anders Opedal:Executive Vice President Technology, Projects and Drilling, Equinor 2018-PresentExecutive Vice President, Development and Production, Brazil, Equinor Senior Vice President, Development and Production International, Brazil, Equinor 2017-2018Executive Vice President and Chief Operating Officer, Equinor 2015-2016SVP Projects, Technology, Projects and Drilling, Equinor 2010-2015SVP Chief Procurement Officer, Technology, Projects and Drilling Equinor 2007-2010Several Leadership Positions Equinor 2003-2007Petroleum Engineer, and Sector Leader, Equinor 1997-2003Log Analyst and Well Site Logging Engineer, Schlumberger and Baker Hughes Inteq. 1992-1997* * *Press conference:Equinor invites to a press conference.Time: Monday 10 August at 12.00 CETPlace: Equinor’s offices at Fornebu, Martin Linges vei 33 (main entrance)Chair of the Board Jon Erik Reinhardsen, announced new CEO Anders Opedal and CEO Eldar Sætre will participate at the press conference.Due to Covid-19 restrictions, there will be limited space at the press conference. Please register to participate by Monday 10 August at 11.00 to Elisabeth Bruksås (email@example.com).The press conference can also be followed on webcast at www.equinor.com or participate via Zoom by registering at this link:https://zoom.us/meeting/register/tJAqde2qrD8iH9xsLdDQNoBr0benp_YemCyhAfter registering, you will receive a confirmation email containing information about joining the meeting.We ask all visitors to follow Covid-19 related government advice, and we also remind you that Equinor is practicing two meters distance when seated and one meter when walking in Equinor’s offices. Visitors are expected to practice good hand hygiene and to stay at home if experiencing symptoms.Further information from:Investor relations: Peter Hutton, senior vice president, Investor Relations, +44 7881 918792 (mobile)Press: Bård Glad Pedersen, vice president, Media Relations, +47 918 01 791 (mobileThis information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
(Bloomberg) -- The secretive oil-trading businesses of Royal Dutch Shell Plc and Total SE saved both European majors from posting losses in the second quarter, bringing a torrent of cash that countered the impact of the coronavirus crisis.Investors had already been warned that the pandemic hammered almost all parts of the energy giants’ businesses -- from forecourts, to oil and gas production, to the long-term value of assets. But that was offset by gains from speculating on energy markets, the companies said Thursday.In keeping with tradition, Shell and Total didn’t disclose exactly how much money their trading operations made, but acknowledged they were able to exploit extreme price volatility during April’s record supply glut.The quarter was “the best on record” for Shell’s trading unit, Chief Financial Officer Jessica Uhl said on a call with reporters. “It was a really outstanding performance.”When asked by investors on a separate call about how much money the traders made, Total CEO Patrick Pouyanne responded: “The oil trading is a secret.” He would only say it made about $500 million more than usual, but refused to disclose what’s the normal baseline.Shell took advantage of its sprawling infrastructure that allowed it to capitalize on the market’s volatility -- from storing oil cheaply to adapting its refineries to meet changes in demand. Shell benefited from “all sorts of arbitrages that opened up in unusual parts of the world,” Chief Executive Officer Ben van Beurden said in a Bloomberg Television interview.U.S. DifferenceWith trading floors that resemble the operations of Wall Street banks in cities from London to Singapore, the European majors have an edge over their main American rivals, which market their own energy production but largely eschew pure trading as a means of generating profits. That means that Exxon Mobil Corp. and Chevron Corp., which publish results on Friday, are unlikely to report a similar boost in the second quarter.Shell’s adjusted net income was $638 million in the second quarter, down 82% from the same period a year earlier but far better than the average analyst estimate of a $664 million loss. Total posted a surprise profit of $126 million, compared with expectations for a loss of $443 million.Those figures exclude tens of billions of dollars of writedowns on the value of the companies’ assets resulting from the slump in oil and gas prices, which had already been disclosed to investors.Shell’s B shares fell 5.7% to 1,113.8 pence as of 4:55 p.m. in London. Total fell 1.6% to 31.93 euros in Paris.Contango TradeWhen oil prices plunged last quarter, traders were able to buy crude on the cheap, store it and lock in a profit from the future sale by selling forward in the derivatives market. The profit was possible because spot prices were much lower than forward prices, a situation known as contango.With its vast access to data from its shipping network, its refining positions and high flow of trades, Shell was able to capitalize on the market structure more extensively than the average trader, finding contango plays in more obscure non-benchmark crudes.“We do contango on steroids,” Van Beurden told analysts in a call.It’s unlikely that profits from trading will remain at the same level during the rest of the year, since the contango has since diminished significantly and market volatility has eased.Shell’s “very strong trading and optimization performance that we saw in the second quarter is not necessarily an indication for the third quarter,” CFO Uhl said. While she wouldn’t disclose how much money the company’s traders made, there were some clues in its statement.Shell’s entire refining and trading business delivered adjusted net income of $1.5 billion in the period, more than 20 times larger than a year earlier. Considering that the part of Shell’s business that actually manufactures fuel suffered one of its worst-ever quarters, with low margins and sales volumes, it’s possible that the bulk of those earnings came from trading.Last week, Norway’s Equinor ASA said its trading division made a record $1 billion gain in the second quarter. British oil giant BP Plc, which runs a large trading business similar to those at Shell and Total, is also likely to report gains from that unit when it announces results next Tuesday.“Trading platforms always deliver a positive surprise in terrible macro conditions,” said Oswald Clint, an analyst at Sanford C Bernstein Ltd.Those conditions prompted dismal results in most other areas of the companies’ operations. And not every producer was able to avoid the expected loss. Italian oil giant Eni SpA, which also published earnings on Thursday, lost 714 million euros ($839 million) and announced a dividend cut.(Updates with comments from Total, Shell CEOs starting in fourth paragraph)For 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.