Buy Or Sell Opportunity • May 21
Now 20% undervalued Over the last 90 days, the stock has risen 34% to kr368. The fair value is estimated to be kr462, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has declined by 48%. For the next 3 years, revenue is forecast to decline by 2.8% per annum. Earnings are also forecast to decline by 0.1% per annum over the same time period. Announcement • May 14
Equinor ASA Approves Cash Dividend for Fourth Quarter 2025, Payable on May 27, 2026 Equinor ASA at the AGM held on 12 May 2026 approved a cash dividend of USD 0.39 per share for the fourth quarter of 2025. The fourth quarter 2025 dividend accrues to the shareholders as registered in Equinor's shareholder register with the Norwegian Central Securities Depository (VPS) as of expiry of 15 May 2026. Subject to ordinary settlement in VPS, this implies that the right to dividend accrues to shareholders as of 12 May 2026. The shares will be traded ex-dividend on the Oslo Stock Exchange (Oslo Børs) from and including 13 May 2026. For US ADR (American Depository Receipts) holders, dividend accrues to the ADR-holders as of 12 May 2026, and the ex-dividend date will be from and including 15 May 2026.Shareholders whose shares trade on the Oslo Stock Exchange will receive their dividend in Norwegian kroner (NOK). The NOK-dividend will be communicated on 21 May 2026. The expected payment date for the dividend is 27 May 2026. Announcement • May 08
Equinor ASA Announces Cash Dividend for the First Quarter of 2026, Payable on August 27, 2026 Equinor ASA decided a cash dividend of USD 0.39 per share for the first quarter of 2026. This is in line with the communication on 4 February 2026, when results for the fourth quarter of 2025 were announced. Ex-date Oslo Børs: 13 August 2026, Ex-date New York Stock Exchange: 14 August 2026. Record date: 14 August 2026, Payment date: 27 August 2026. Date of approval: May 5, 2026. New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (188% cash payout ratio). Profit margins are more than 30% lower than last year (5.3% net profit margin). Upcoming Dividend • May 06
Upcoming dividend of US$0.39 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 27 May 2026. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (3.7%). Buy Or Sell Opportunity • Apr 17
Now 24% undervalued Over the last 90 days, the stock has risen 31% to kr328. The fair value is estimated to be kr430, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 51%. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings are forecast to grow by 5.5% per annum over the same time period. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: US$1.95 (vs US$3.12 in FY 2024) Full year 2025 results: EPS: US$1.95 (down from US$3.12 in FY 2024). Revenue: US$106.0b (up 3.1% from FY 2024). Net income: US$5.04b (down 43% from FY 2024). Profit margin: 4.8% (down from 8.6% in FY 2024). The decrease in margin was driven by higher expenses. Oil reserves Proven reserves: 2102 MMbbls Gas reserves Proven reserves: 15876 Bcf LNG reserves Proven reserves: 252 MMbbls Combined production Oil equivalent production: 741 MMboe (699 MMboe in FY 2024) Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to kr401, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 6x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr785 per share. Declared Dividend • Mar 01
Dividend of US$0.39 announced Shareholders will receive a dividend of US$0.39. Ex-date: 13th May 2026 Payment date: 27th May 2026 Dividend yield will be 4.0%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Feb 09
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 16 February 2026. Payment date: 27 February 2026. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.7%. Within top quartile of British dividend payers (5.4%). Higher than average of industry peers (4.4%). Reported Earnings • Feb 05
Full year 2025 earnings released: EPS: US$1.95 (vs US$3.12 in FY 2024) Full year 2025 results: EPS: US$1.95 (down from US$3.12 in FY 2024). Revenue: US$105.8b (up 3.2% from FY 2024). Net income: US$5.04b (down 43% from FY 2024). Profit margin: 4.8% (down from 8.6% in FY 2024). The decrease in margin was driven by higher expenses. Oil reserves Proven reserves: 5183 MMbbls Combined production Oil equivalent production: 713.238 MMboe (699 MMboe in FY 2024) Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Feb 05
Equinor ASA (OB:EQNR) announces an Equity Buyback for $1,500 million worth of its shares. Equinor ASA (OB:EQNR) announces a share repurchase program. Under the program, the company will repurchase up to $1,500 million worth of shares including shares to be redeemed from the Norwegian State. The purpose of the repurchase program is to reduce the issued share capital of the company. All shares repurchased as part of the program will be cancelled. The program is valid for 2026. Announcement • Dec 05
Aker BP and Equinor Announce New Discovery Aker BP and operator Equinor have made a significant gas and condensate discovery in the Lofn and Langemann wells in the Sleipner area of the North Sea. Gross recoverable volumes are estimated at 30 to 110 million barrels of oil equivalent (mmboe). Lofn and Langem Ann - significant discovery near existing infrastructure. The wells 15/5-8 S (Lofn) and 15/5-8 A (Langemann) were drilled by the Deepsea Atlantic rig in production license PL1140, approx. 40 km northwest of Sleipner A and between the Gudrun and Eirin fields. Both wells encountered gas and condensate in the Hugin formation, which consists of high-quality sandstone reservoirs. The wells are classified as HPHT (high pressure, high temperature) and have been permanently plugged and abandoned after extensive data collection. License PL1140 was awarded in 2022 through the APA (Awards in Predefined Areas) licensing round. Aker BP holds 40% interest in the licence, which is operated by Equinor. The partnership will now evaluate development options that leverage existing infrastructure for efficient and low-emission production. In August, Aker BP successfully completed the Omega Alfa exploration campaign in the Norwegian North Sea, resulting in a large oil discovery with recoverable volumes estimated at 96 to 134 mmboe. Aker BP has between 38 and 48% ownership in the three licenses. Omega Alfa is among the commercial discoveries in Norway in a decade. Building on the momentum from East Frigg in 2023, Omega Alfa underscores how innovative exploration methods deliver results and push boundaries. The discoveries mark a major step toward Aker BP's ambition of producing more than one billion barrels from the Yggdrasil area. In the first quarter, the partnership made an oil and gas discovery at Kjottkake in licence PL1182S in the Northern North Sea. The reservoir shows good quality, with recoverable volumes estimated at 39 to 75 mmboe located near existing infrastructure in the Troll-Gjoa area. Through a transaction with Japex announced in July this year, Aker BP increased its ownership in Kjottkake to 45%. In November, Aker BP and DNO entered into an agreement to transfer the operatorship to Aker BP in the development phase. This will enable the company to leverage on its fast-track development capabilities for efficient project execution. Aker BP and the partnership are already evaluating development solutions with first oil now targeted in 2028. Declared Dividend • Nov 27
Dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 16th February 2026 Payment date: 27th February 2026 Dividend yield will be 5.1%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 27
Equinor ASA Elects Jarle Roth as New Member of the Board of Directors, with Effect from 1 December 2025 In a meeting in the corporate assembly of Equinor ASA on 26 November 2025 Jarle Roth was elected as new member of the board of directors of Equinor ASA. Jarle Roth is elected as new member of the board of directors of Equinor ASA with effect from 1 December 2025 and is effective until the next ordinary election of members to the board of directors in June 2026. Upcoming Dividend • Nov 06
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 13 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of British dividend payers (5.4%). Higher than average of industry peers (4.5%). Announcement • Oct 31
Equinor ASA Announces Tone H. Bachke Will Leave Her Position on the Board of Directors, Effective 31 October 2025 Equinor ASA announced that Tone H. Bachke will leave her position on the Board of Directors and prioritize her executive responsibilities as EVP and CFO in SHV Holding N.V., a global company headquartered in the Netherlands. The change takes effect 31 October 2025. New Risk • Oct 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.3% Last year net profit margin: 9.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • Oct 30
Third quarter 2025 earnings released: US$0.083 loss per share (vs US$0.83 profit in 3Q 2024) Third quarter 2025 results: US$0.083 loss per share (down from US$0.83 profit in 3Q 2024). Revenue: US$26.0b (up 2.4% from 3Q 2024). Net loss: US$210.0m (down 109% from profit in 3Q 2024). Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Oct 29
Equinor ASA Declares Cash Dividend for the Third Quarter of 2025, Payable on February 27, 2026 Equinor ASA declared cash dividend of USD 0.37 per share for the third quarter of 2025. Last day including rights: 13 February 2026. Ex-date Oslo Børs: 16 February 2026. Ex-date New York Stock Exchange: 17 February 2026. Record date: 17 February 2026. Payment date: 27 February 2026. Date of approval: 28 October 2025. Declared Dividend • Aug 30
Dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 13th November 2025 Payment date: 26th November 2025 Dividend yield will be 6.4%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 4.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.6% over the next 3 years. However, it would need to fall by 47% to increase the payout ratio to a potentially unsustainable range. Upcoming Dividend • Aug 11
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 18 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of British dividend payers (5.4%). Higher than average of industry peers (5.2%). Reported Earnings • Jul 24
Second quarter 2025 earnings released: EPS: US$0.50 (vs US$0.65 in 2Q 2024) Second quarter 2025 results: EPS: US$0.50 (down from US$0.65 in 2Q 2024). Revenue: US$25.1b (down 1.3% from 2Q 2024). Net income: US$1.31b (down 29% from 2Q 2024). Profit margin: 5.2% (down from 7.3% in 2Q 2024). Revenue is forecast to decline by 5.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Jul 23
Equinor ASA Declares Cash Dividend for the Second Quarter of 2025, Payable on 26 November 2025 Equinor ASA declared cash dividend of USD 0.37 per share for the second quarter of 2025. Last day including rights: 12 November 2025. Ex-date Oslo Børs: 13 November 2025. Ex-date New York Stock Exchange: 14 November 2025. Record date: 14 November 2025. Payment date: 26 November 2025. Date of approval: 22 July 2025. Announcement • Jul 15
Smackover Lithium, a Joint Venture between Standard Lithium Ltd. and Equinor Reports Highest Lithium Brine Grade in SWA Project Area as Feed Studies Nearing Completion Smackover Lithium, a Joint Venture ("JV") between Standard Lithium Ltd. ("Standard Lithium" or the "Company") and Equinor, announced that it has completed sampling from its newest exploration well, the Lester well, in the South West Arkansas (SWA) Project area, and has recorded the highest lithium concentration reported to date from the SWA Project area; 616 mg/L lithium in brine. The Lester well was completed in the second quarter of this year and concludes all sub-surface exploration activities for Phase 1 of the SWA Project. Sampling of brines from the upper Smackover Formation was completed by the Company, and subsequent analysis of the brine by an independent third-party certified laboratory demonstrated significantly higher than expected lithium concentrations in the Lester brine, marking the highest lithium grade reported for the SWA Project. The summerized lithium brine analyses are provided in Table 1 below which highlights the average lithium concentration from three brine samples was 582 mg/L. With all of the fieldwork complete, the joint Smackover Lithium team is working to complete the FEED study, with a Definitive Feasibility Study expected later in the third quarter of this year. The completion of these studies will represent a significant milestone as the team rapidly advances Phase 1 of the SWA project through off-take negotiations and project finance towards a Final Investment Decision targeted by year-end 2025. Declared Dividend • Jul 10
First quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 18th August 2025 Payment date: 29th August 2025 Dividend yield will be 7.4%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 7.3% over the next 3 years. However, it would need to fall by 50% to increase the payout ratio to a potentially unsustainable range. Announcement • Jun 30
Var Energi Together with Partners Equinor and Petoro, Announces Commercial Oil Discovery in the Barents Sea Var Energi together with partners Equinor and Petoro, announced a commercial oil discovery in the Equinor operated Drivis Tubaen prospect in the Barents Sea, adding to recent exploration success in the area. The discovery will be considered as a possible tie-in to the Johan Castberg facilities. The preliminary gross recoverable resources are estimated to be between 9-15 million barrels of oil equivalent (mmboe). The well was drilled in the Drivis structure within the Johan Castberg field, as part of the plan to further develop the area. Announcement • Jun 26
Var Energi and Equinor and Inpex Idemitsu Submits the Plan for Development and Operation for the Fram Sor Project in the North Sea Var Energi and its partners in the Fram licence, Equinor and INPEX Idemitsu, have submitted the plan for development and operation (PDO) for the Fram Sor project in the North Sea. Production is scheduled to start at the end of 2029. The Fram partners will invest more than NOK 21 billion (USD 2.2 billion) in the subsea project, operated by Equinor. Recoverable reserves are estimated at 116 million barrels of oil equivalent (mmboe) gross, of which 75% is oil and 25% gas. The Fram Sor project (in licences PL090/090I/090E) is a combined development of several discoveries, including Echino South and Blasto, that will export oil and gas via the Troll C platform. The development will bring highly valuable barrels on stream by connecting new infrastructure to existing facilities. Fram Sor has strong economics and fulfils Var Energi's investment criteria for new developments. Building on recent discoveries, Mulder and Rhombi, a series of follow-on exploration targets are set to be drilled in the coming years, unlocking potential further upside. Var Energi estimate that the prospective unrisked resources in the area is more than 200 mmboe gross. The PDO was submitted to the Minister of Energy in Norway, Terje Aasland. Fram partners: Equinor Energy AS (operator and 45%), Var Energi ASA (40%) and INPEX IdEMitsu Norge AS (15%). Announcement • Jun 04
Equinor ASA Announces Board Changes Equinor ASA announced in a meeting in the corporate assembly of the company on 2 June 2025 Dawn Summers was elected as a new member of the board of directors of the company. The current member, Jonathan Lewis will resign from the board of directors as of 30 June 2025. Dawn Summers is elected as a new member of the board of directors of the company. The election of the shareholder representatives to the board of directors of Equinor ASA enters into effect from 1 July 2025, with the exception of Dawn Summers who is elected with effect from 1 September 2025, all with effect until the ordinary election of shareholder-representatives to the board of directors in June 2026. The company elected Frank Indreland Gundersen and Geir Leon Vadheim as new employee-representatives of the board of directors of Equinor ASA. Also, Anette Heggholmen, Terje Werner Hansen and Hans Einar Haldorsen were elected as deputy members for the employee-representatives of the board. The election of employee-representative members to the board of directors enters into effect from 1 July 2025 and is effective until the ordinary election of employee-representatives to the board of directors in 2027. Announcement • May 02
Equinor ASA Provides Production Guidance for the Year 2025 Equinor ASA provided production guidance for the year 2025. For the year, the company expects oil & gas production to grow 4% compared to 2024 level. Announcement • Apr 30
Equinor ASA Declares Cash Dividend for the First Quarter of 2025, Payable on 29 August 2025 Equinor ASA declared cash dividend of USD 0.37 per share for the first quarter of 2025. Last day including rights: 15 August 2025. Ex-date Oslo Børs: 18 August 2025. Ex-date New York Stock Exchange: 19 August 2025. Record date: 19 August 2025. Payment date: 29 August 2025. Date of approval: 29 April 2025. Announcement • Apr 23
Equinor ASA Announces Merete Hverven Steps Down as Member of the Nomination Committee Equinor ASA announced Merete Hverven steps down as member from the nomination committee. Announcement • Apr 10
Equinor ASA Unveils New Power Business Area, a Strategic Realignment to Merge its Broad Renewables Portfolio with Flexible Power Assets Equinor ASA is set to launch a new Power business area, a strategic realignment designed to seamlessly merge its broad Renewables portfolio with flexible power assets previously housed under Marketing, Midstream and Processing (MMP). This initiative comes as a direct response to the growing electricity demand driven by the electrification of society, the expansion of artificial intelligence, and increased data center operations. Over the past two decades, Equinor has built a robust renewables business with extensive offshore and onshore wind and solar projects, while also investing in gas-to-power plants and energy storage assets to counter the variability of renewable energy. With enhanced trading capabilities, the combined portfolio is expected to support higher value creation and ensure reliable power generation in an increasingly dynamic market. Under this new organizational structure, the existing Renewables (REN) division will be integrated with select flexible power assets from MMP into the newly formed Power (PWR) business area, providing a holistic approach to energy supply and market efficiency. Meanwhile, the gas and power trading operations will remain within the MMP division, with adjustments in segment reporting to be evaluated during the transition. This comprehensive restructuring is set to fortify Equinor’s position in the power markets, ensuring the company meets rising global demand for reliable and sustainable energy while continuing to drive innovation and profitable growth. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: US$3.12 (vs US$3.93 in FY 2023) Full year 2024 results: EPS: US$3.12 (down from US$3.93 in FY 2023). Revenue: US$102.5b (down 4.1% from FY 2023). Net income: US$8.81b (down 26% from FY 2023). Profit margin: 8.6% (down from 11% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 19
An undisclosed buyer acquired an unknown minority stake in Equinor ASA (OB:EQNR) from Sarasin & Partners LLP. An undisclosed buyer acquired an unknown minority stake in Equinor ASA (OB:EQNR) from Sarasin & Partners LLP on March 18, 2025. The sale is a response to Equinor's failure to align its strategy with the Paris Agreement, a global goal to limit global warming to well below 2 degrees Celsius above the pre-industrial average by mid-century, and ideally 1.5 degrees.
An undisclosed buyer completed the acquisition of an unknown minority stake in Equinor ASA (OB:EQNR) from Sarasin & Partners LLP on March 18, 2025. Declared Dividend • Mar 02
Dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 15th May 2025 Payment date: 28th May 2025 Dividend yield will be 9.1%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (87% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 06
Full year 2024 earnings released: EPS: US$3.12 (vs US$3.93 in FY 2023) Full year 2024 results: EPS: US$3.12 (down from US$3.93 in FY 2023). Revenue: US$103.8b (down 2.9% from FY 2023). Net income: US$8.81b (down 26% from FY 2023). Profit margin: 8.5% (down from 11% in FY 2023). Revenue is expected to fall by 2.7% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 06
Equinor ASA (OB:EQNR) announces an Equity Buyback for $5,000 million worth of its shares. Equinor ASA (OB:EQNR) announces a share repurchase program. Under the program, the company will repurchase up to $5,000 million worth of shares. The purpose of the repurchase program is to reduce the issued share capital of the company. All shares repurchased as part of the program will be cancelled. The program will run for a period of 2 years, through 2024 - 2025. Declared Dividend • Nov 30
Dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 13th February 2025 Payment date: 28th February 2025 Dividend yield will be 8.8%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (43% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 7.9% over the next 3 years. However, it would need to fall by 52% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 19
Equinor ASA, Annual General Meeting, May 14, 2025 Equinor ASA, Annual General Meeting, May 14, 2025. Announcement • Nov 14
The Norwegian energy ministry signed an agreement to acquire remaining 53.30% stake in GASSCO from Shell, CapeOmega, ConocoPhilipps, Equinor, Hav Energy, Orlen and Silex for NOK 18.1 billion. The Norwegian energy ministry signed an agreement to acquire remaining 53.30% stake in GASSCO from Shell, CapeOmega, ConocoPhilipps, Equinor, Hav Energy, Orlen and Silex for NOK 18.1 billion on January 1, 2024. Under the terms, seven companies came to an agreement with the government, two groups rejected the offer. North Sea Infrastructure and M Vest Energy did not agree to a sale and maintain their stakes. The agreement lifts the Norwegian state's stake in Gassled to 100% from 46.7% previously. The government remains determined to acquire these remaining stakes, either through negotiation or by exercising its rights at the end of the current concession period. Upcoming Dividend • Nov 11
Upcoming dividend of US$0.70 per share Eligible shareholders must have bought the stock before 18 November 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 43% and the cash payout ratio is 87%. Trailing yield: 12%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (5.2%). Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$0.83 (vs US$0.84 in 3Q 2023) Third quarter 2024 results: EPS: US$0.83 (down from US$0.84 in 3Q 2023). Revenue: US$25.4b (down 1.8% from 3Q 2023). Net income: US$2.28b (down 8.6% from 3Q 2023). Profit margin: 9.0% (in line with 3Q 2023). Revenue is expected to fall by 5.1% p.a. on average during the next 3 years compared to a 2.1% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Announcement • Oct 24
Equinor Asa Announces Ordinary Cash Dividend, Payable on 28 February 2025 Equinor ASA announced Ordinary cash dividend amount: USD 0.35 Ex-date Oslo Børs: 13 February 2025 Ex-date New York Stock Exchange: 14 February 2025 Record date: 14 February 2025 Payment date: 28 February 2025. Date of approval: 23 October 2024. Declared Dividend • Aug 17
Dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 18th November 2024 Payment date: 29th November 2024 Dividend yield will be 8.7%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (112% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 3.8% over the next 3 years. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range. Upcoming Dividend • Aug 09
Upcoming dividend of US$0.70 per share Eligible shareholders must have bought the stock before 16 August 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (4.7%). Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$0.65 (vs US$0.60 in 2Q 2023) Second quarter 2024 results: EPS: US$0.65 (up from US$0.60 in 2Q 2023). Revenue: US$25.5b (up 12% from 2Q 2023). Net income: US$1.86b (up 2.0% from 2Q 2023). Profit margin: 7.3% (down from 8.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 21
Insider recently sold kr1.0m worth of stock On the 18th of June, Siv Helen Torstensen sold around 3k shares on-market at roughly kr289 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jun 06
PGNiG Upstream Norway AS agreed to acquire 19.5% stake in Gina Krog area from Equinor ASA (OB:EQNR). PGNiG Upstream Norway AS agreed to acquire 19.5% stake in Gina Krog area from Equinor ASA (OB:EQNR) on June 4, 2024. Equinor is selling 19.5% interests in production licenses PL 048E, which is the Eirin field, and PL 1201. With this, the ownership between Equinor and PGNiG in these licenses will be balanced with the Gina Krog field. The economic effective date for the transfers is January 1, 2024. Closing of the transaction is conditional upon ministry approval. Announcement • Jun 05
Equinor ASA Announces Board Elections, Effective July 1, 2024 In a meeting in the corporate assembly of Equinor ASA on 4 June 2024 Tone Hegland Bachke and Fernanda Lopes Larsen were elected as new members to the board of directors. Tone Hegland Bachke will from 1 September 2024 take on the role as a Managing Director and be a part of the Executive Board of Directors of SHV Holdings in the Netherlands. She was previously in Telenor ASA where she was Executive Vice President and Group CFO from 2020-2024 and Senior Vice President and Head of Group Treasury from 2018-2020. She was CEO and CFO in Implenia Norge AS from 2017-2018 and CFO in Kistefos AS from 2015-2017. She has had several managing positions in Akastor ASA, Aker Solutions ASA, Aker Kværner ASA and Kværner ASA from 2002-2015 and positions as analyst and key account manager in DNB from 1999-2002, as well as analyst in Norske Conoco from 1997-1999. Bachke has a MSc in Economics and Business Administration (“Siviløkonom”) from the Norwegian School of Economics (NHH). Fernanda Lopes Larsen has served as Executive Vice President of Yara Africa & Asia Pacific in Yara International since October 2020. She has held senior positions roles in Yara, including Senior Vice President of Indirect Procurement between December 2016 and October 2020. She has been with Yara since 2012 and held roles as Head of Logistics Procurement Europe in Supply Chain and Central Category Manager roles in Production. Prior to joining Yara Ms. Lopes Larsen held manufacturing and supply chain positions in the fast-moving consumer goods (FMCG) industry with Procter & Gamble (P&G) and within pharmaceutical multinational GSK (GlaxoSmithKline). She has extensive international experience in the chemical manufacturing industry and broad international experience. Lopes Larsen has a Master of Science in Civil Engineering from the Graz University of Technology, Austria, Master of Business Administration from IESE Business School, Spain and Professional Certificate in Corporate Innovation from Stanford University, United States. The election to the board of directors of Equinor ASA enters into effect from 1 July 2024 and is effective until the ordinary election of members to the board of directors in June 2025. Announcement • May 22
Exxon Mobil, Shell Reportedly to Weigh Bids for Galp Namibia Stake Exxon Mobil Corporation (NYSE:XOM) and Shell plc (LSE:SHEL) are among energy giants evaluating bids for a stake in Galp Energia, SGPS, S.A. (ENXTLS:GALP)’s major oil field offshore Namibia, according to people familiar with the matter. TotalEnergies SE (ENXTPA:TTE) and Equinor ASA (OB:EQNR) are also among those considering acquiring the 40% stake Galp is seeking to sell in the Mopane discovery, said the people, asking not to be identified as the matter is private. Based on Galp’s recent “in place” estimates for 10 billion barrels of oil equivalent in the Mopane complex, the entire discovery could be worth around USD 20 billion, or potentially more, some of the people said. The Portuguese firm said in an April filing that the oil estimate is before drilling additional exploration and appraisal wells. Galp, which is working with a financial adviser to sell half of its 80% holding in the asset, has called for first round bids in mid-June, according to the people. Shares of Galp were up 2.8% at 3:14 p.m. May 21, 2024 in Lisbon, putting it on track for the biggest daily gain in about a month and giving the company a market value of €15.2 billion ($16.5 billion). Deliberations are in the early stages and other bidders could emerge, while the Lisbon-based company could also decide to retain the stake if it cannot reach a final agreement with any of the parties, the people said. Representatives for Galp, Shell, Exxon, Equinor and TotalEnergies declined to comment. Galp shares jumped 21% after the company said in April that a well test “potentially” indicated Mopane could be an important commercial find in Namibia following the completion of the first phase of its exploration. The “in place” estimates for 10 billion barrels of oil equivalent are the first in a series of tests to determine how much oil the discovery contains and is recoverable. Declared Dividend • May 16
Dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 16th August 2024 Payment date: 28th August 2024 Dividend yield will be 6.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but not covered by cash flows (123% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 4.5% over the next 3 years. However, it would need to fall by 55% to increase the payout ratio to a potentially unsustainable range. Upcoming Dividend • May 10
Upcoming dividend of US$0.70 per share Eligible shareholders must have bought the stock before 15 May 2024. Payment date: 28 May 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.3%). Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$0.91 (vs US$1.59 in 1Q 2023) First quarter 2024 results: EPS: US$0.91 (down from US$1.59 in 1Q 2023). Revenue: US$25.1b (down 14% from 1Q 2023). Net income: US$2.67b (down 46% from 1Q 2023). Profit margin: 11% (down from 17% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 3.8% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: US$3.93 (vs US$9.06 in FY 2022) Full year 2023 results: EPS: US$3.93 (down from US$9.06 in FY 2022). Revenue: US$106.8b (down 28% from FY 2022). Net income: US$11.9b (down 59% from FY 2022). Profit margin: 11% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Oil reserves Proven reserves: 2384 MMbbls Gas reserves Proven reserves: 14471 Bcf LNG reserves Proven reserves: 251 MMbbls Combined production Oil equivalent production: 711 MMboe (695 MMboe in FY 2022) Revenue is expected to fall by 2.5% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Mar 21
Equinor ASA Elects Mikael Karlsson as Member of Board of Directors, Effective from 1 April 2024 Equinor ASA announced that on 20 March 2024 Mikael Karlsson was elected as new member to Equinor’s board of directors. Karlsson is partner and Vice Chairman of Actis Capital, a leading global investor in sustainable infrastructure. In the period 2021-2023 he was Chief Investment Officer in Actis, in 2012 he became partner in Actis and had the role as Head of Energy and Infrastructure from 2015-2021. From 2009-2015 he was CEO in Globeleq, an Actis portfolio company. Karlsson held several roles in ABB Energy Ventures before he came to Actis. Karlsson has a Master in Business Administration from the University of Massachusetts in USA and a Master of Science in Industrial Engineering and Management from Linköping Institute of Technology in Sweden. The election of shareholder-elected members to the board of directors enters into effect from 1 April 2024 and is effective until the ordinary election of shareholder-elected members to the board of directors in 2025. Announcement • Feb 24
Equinor’s Empire Wind Project Receives Approval from Bureau of Ocean Energy Management The Bureau of Ocean Energy Management approved the Construction and Operations Plan for Equinor's Empire Wind project, marking another significant milestone in advancing an important New York offshore wind project that will help deliver on both state and federal renewable energy ambitions. With this key permitting action by BOEM secured, Empire Wind is on track to begin construction in its federal lease area off the southern coast of Long Island later this year. Already well advanced in planning and development, Empire Wind 1 could deliver first power to New Yorkers by 2026. In addition, construction to transform the South Brooklyn Marine Terminal into a major hub for offshore wind could begin as early as this spring. First submitted in 2020, the Empire Wind COP authorizes detailed plans for offshore and onshore construction and operations based on years of environmental reviews, input from outside experts, and extensive public feedback. BOEM's announcement follows the November 2023 approval of Empire Wind's federal Record of Decision. Empire Wind has recently received several federal approvals. Last week, it received its Clean Air Act permit from the Environmental Protection Agency. Earlier this week, it received its approval from the NOAA National Marine Fisheries Service in accordance with the Marine Mammal Protection Act. Empire Wind 1 is currently bidding into New York's fourth offshore wind solicitation. Declared Dividend • Feb 15
Fourth quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 15th May 2024 Payment date: 28th May 2024 Dividend yield will be 7.9%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 65% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 09
Equinor ASA (OB:EQNR) announces an Equity Buyback for NOK 12,000 million worth of its shares. Equinor ASA (OB:EQNR) announces a share repurchase program. Under the program, the company will repurchase up to $12,000 million worth of shares. The purpose of the repurchase program is to reduce the issued share capital of the company. All shares repurchased as part of the program will be cancelled. The program will run for a period of 2 years, through 2024 - 2025.
Under the first tranche of the program, the company will repurchase $396 million worth of shares such that a total of $1,200 million worth of shares including redemption of shares from the Norwegian State have been accounted for. The program will be valid till April 5, 2024. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: US$3.93 (vs US$9.06 in FY 2022) Full year 2023 results: EPS: US$3.93 (down from US$9.06 in FY 2022). Revenue: US$106.8b (down 28% from FY 2022). Net income: US$11.9b (down 59% from FY 2022). Profit margin: 11% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Oil reserves Proven reserves: 5214 MMbbls Combined production Oil equivalent production: 691.401 MMboe (695 MMboe in FY 2022) Revenue is forecast to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 07
Upcoming dividend of US$0.90 per share at 12% yield Eligible shareholders must have bought the stock before 14 February 2024. Payment date: 27 February 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of British dividend payers (6.0%). Higher than average of industry peers (4.9%). Buying Opportunity • Nov 16
Now 20% undervalued Over the last 90 days, the stock is up 7.6%. The fair value is estimated to be kr434, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.8% per annum. Earnings is also forecast to decline by 19% per annum over the same time period. Announcement • Nov 15
Equinor ASA, Annual General Meeting, May 14, 2024 Equinor ASA, Annual General Meeting, May 14, 2024. Announcement • Nov 14
Equinor ASA to Report Fiscal Year 2023 Results on Mar 21, 2024 Equinor ASA announced that they will report fiscal year 2023 results on Mar 21, 2024 Announcement • Nov 08
Equinor Reportedly Prepares to Sell 20% Stake in its Rosebank Oil Development in the British North Sea Equinor ASA (OB:EQNR) is preparing to sell a 20% stake in its Rosebank oil development in the British North Sea, which could fetch about $1.5 billion, two industry sources said. The Norwegian energy giant is seeking to sell a quarter of its 80% stake in the project, the sources told Reuters. The British government gave Equinor and partner Ithaca Energy plc (LSE:ITH) the go-ahead on September 27 to develop Rosebank, the biggest new project in the ageing basin for years. The stake could fetch about $1.5 billion, though the final value depends on oil prices and the structure of the deal, the sources said. Equinor declined to comment. Announcement • Oct 31
Equinor, RWE Reportedly to Place Joint Bid in Norwegian Offshore Tender Norwegian oil and gas group Equinor ASA (OB:EQNR) intends to take part in the bidding for Norway's Sorlige Nordsjo II area that could host up to 1.5 GW of offshore wind turbine capacity, according to a Reuters report. The bid will come from a partnership between Equinor and German energy major RWE AG (XTRA:RWE), the Norwegian group's CEO Anders Opedal has said on the sidelines of its third-quarter earnings presentation. Potentially, Soerlige Nordsjoe II could become home to wind farms with a combined capacity of between 1.4 GW and 1.5 GW. Bidding for the zone was initiated in March together with a tender for the Utsira Nord offshore wind area, which is temporarily on hold. Once completed, the two tenders will pave the way for the construction of the first large offshore wind parks in Norwegian waters. State support for the development of Soerlige Nordsjoe II stands at NOK 23 billion (USD 2.05 billion /EUR 1.94 billion). The level of financing was extended this summer in order to mitigate the effects of rising inflation and increased supply chain costs. The competition will be open for submissions by November 15, 2023 following a recent revision of the bidding deadline. 
