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☆ Equinor CEO says renewable energy investment is increasing — but it needs to be profitable
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEquinor CEO says renewable energy investment is increasing — but it needs to be profitableEquinor CEO Anders Opedal comments on the oil and gas firm’s latest quarterly results and the push to balance energy security with the green transition.

Persons: Anders Opedal

☆ Gas prices will be 'quite volatile,' says Equinor CEO
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGas prices will be 'quite volatile,' says Equinor CEOAnders Opedal, CEO of Equinor, discusses third-quarter earnings and Europe's gas storage going into the winter.

Persons: Anders Opedal

☆ Equinor CEO: Europe needs more gas
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEquinor CEO: Europe needs more gasAnders Opedal, CEO of Equinor, discusses first-quarter earnings and the company's efforts in energy security.

☆ In show of unity, NATO and EU heads visit North Sea gas platform
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

[1/3] Norway Prime Minister Jonas Gahr Stoere, European Commission President Ursula von der Leyen, NATO Secretary-General Jens Stoltenberg and Equinor CEO Anders Opedal visit the Troll A gas platform in the North Sea, Norway March 17, 2023. Ole Berg-Rusten /NTB/via REUTERSTROLL A PLATFORM, North Sea, March 17 (Reuters) - The heads of NATO and the European Commission flew on Friday to a North Sea platform to discuss the security of supplies and infrastructure, a visit underlining Norway's importance for gas shipments since Russia's invasion of Ukraine. The Troll A platform extracts gas from Norway's biggest gas field. After a drop in Russian flows, the Nordic country last year became the largest gas supplier to the EU. The field accounts for one third of daily Norwegian gas exports to Europe.

☆ Equinor sees "a lot of interest" in long-term gas deals, CEO says
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +1 min

Companies Equinor ASA FollowBERGEN, Norway, March 17 (Reuters) - Equinor (EQNR.OL) has seen significant interest among gas buyers in Europe for entering into long-term supply contracts lasting between three and 10 years, the Norwegian company's CEO told Reuters on Friday. "Long-term contracts for us means three to 10 years and we see that there is a lot of interest for long-term contracts at the moment," Equinor CEO Anders Opedal told Reuters. The visit underlines the importance of the relationship between the European Union and non-EU Norway when it comes to energy, Opedal said. "It shows how important it is that we focus both on security of supply and the security on the installations," he said. Troll alone supplies 11% of all gas consumed in the EU, according to Equinor.

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

With net profit for the year of $28.7 billion, up from $8.6 billion a year earlier, Equinor joined global oil and gas majors such as ExxonMobil (XOM.N), Shell (SHEL.L) and BP (BP.L) in reporting record returns for 2022. Majority state-owned Equinor (EQNR.OL) became Europe's largest supplier of natural gas last year as Russia's Gazprom (GAZP.MM) cut deliveries over the West's support for Ukraine, sending European gas prices to all-time highs. But gas prices have tumbled in 2023 and Equinor's Oslo-listed stocks have fallen 9% year-to-date, underperforming a 3.3% rise in European petroleum stocks (.SXEP). The board reaffirmed a regular share buyback plan of $1.2 billion per year and said it would make an extraordinary buy back in 2023 of $4.8 billion, for a total of $6 billion. Equinor's previous adjusted earnings record was $36.2 billion in 2008, when North Sea oil prices hit record highs.

☆ Equinor shares soar on record 2022 profit, Q4 beat
▼ + stars: | 2023-02-08 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +4 min

Net profit for the year was $28.7 billion, up from $8.6 billion a year earlier. The company joined global oil and gas majors such as ExxonMobil (XOM.N), Shell (SHEL.L) and BP (BP.L) in reporting record bottom lines. Equinor's previous adjusted earnings record amounted to $36.2 billion in 2008, when the price of North Sea oil had risen to record highs. Equinor said it expected capital spending for 2023 at between $10 billion and $11 billion, broadly in line with a previous plan. It raised it spending projection for the next three years to $13 billion per year from $12 billion seen before.

☆ Equinor posts record profit for 2022, Q4 beats expectation
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ints Kalnins/File PhotoOSLO, Feb 8 (Reuters) - Equinor (EQNR.OL) on Wednesday posted a record $74.9 billion adjusted operating profit for 2022, more than double the previous record thanks to soaring gas prices and with fourth-quarter results beating analyst expectations. The oil and gas producer's adjusted earnings before tax and interest for October-December rose to $15.1 billion from $15 billion a year earlier, beating the $14.4 billion predicted in a poll of 25 analysts compiled by Equinor. The majority state-owned company last year became Europe's largest supplier of natural gas as Russia's Gazprom (GAZP.MM) cut deliveries amid the West's support for Ukraine, sending European gas prices to all-time highs. Equinor's previous adjusted earnings record amounted to $36.2 billion in 2008, when the price of North Sea oil rose to record highs. Gas prices have tumbled in the new year, however, and Equinor's Oslo-listed stocks have fallen 15% year-to-date, underperforming a 1% rise in European petroleum stocks (.SXEP).

☆ Germany and Norway plan hydrogen pipeline
▼ + stars: | 2023-01-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Germany just took a step closer to finding a long-term, greener replacement for Russian natural gas and coal. The power plants, jointly owned by RWE and Equinor, will initially run on natural gas produced in Norway before transitioning to “blue” hydrogen, also produced in Norway using natural gas and pumped through the underwater pipeline, the companies said. The ultimate aim is to generate so-called “green” hydrogen using renewable energy produced by offshore wind farms, they said, without providing target dates. The European Union has a target to build a 40 gigawatt renewable hydrogen production capacity by 2030. Norway is now Europe’s biggest supplier of natural gas, according to EU official statistics.

[1/2] Offshore oil and gas platform supply vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. The decision to postpone the so-called 26th licensing round was part of the minority government's budget deal with the opposition Socialist Left Party (SV), Terje Aasland said in an interview. The deal extends an agreement the minority cabinet and SV made last year, when the government won elections, which delayed the 26th licensing round by a year. Aasland said there was "no drama" in the decision as authorities still issue licences to oil companies in a parallel licensing around called the APA round, in so-called mature areas that are already open to oil companies. The 26th licensing round grants the right to oil companies to explore and produce oil and gas in areas not explored previously.

☆ European gas prices to remain high for years, says Equinor CEO
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

OSLO, Oct 28 (Reuters) - The price of gas in Europe will remain high for years to come following the cuts in deliveries from Russia, the chief executive of Norway's Equinor (EQNR.OL) said on Friday. The company, which has this year overtaken Russia's Gazprom (GAZP.MM) as the biggest supplier of gas to Europe, early on Friday posted record third-quarter profits thanks to the spike in energy costs. "The fundamental problem in Europe is a shortage of gas and there will be a shortage over time, and if Europe is to attract that gas it should expect to pay a high price in the coming years," Chief Executive Anders Opedal told a news conference. "Our contribution will be to produce as much as possible and our gas will remain valuable in the years ahead," he said. Reporting by Nerijus Adomaitis, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Global oil giants rake in massive profits in third quarter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. The soaring profits are feeding criticism from consumer groups in the United States and Europe as inflation climbs. Exxon Mobil, the largest U.S. major, reported nearly $20 billion in revenue, exceeding expectations and surpassing its previous record set in the second quarter. Chevron earned $11.2 billion, nearly doubling the $6.1 billion from the same period last year. The strong results out of Europe followed Shell's $9.5 billion profit reported Thursday, putting it on track to surpass its record set in 2008.

Equinor's previous earnings record amounted to a profit before tax of $18 billion and was set in the first quarter. Equinor has said it sells most of its gas output on a day-ahead or month-ahead price basis. "Of course, the (gas) prices in Europe are very high. The European Union has said it plans to coordinate some of its gas purchases in the hope of bringing down prices. "We will cooperate with those buying institutions planned in the EU and negotiate gas prices in the future," Opedal said.

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