Core Points - Equinor (OSE: EQNR, NYSE: EQNR) has announced a cash dividend of 0.37 USD for the second quarter of 2025 [1] - The last day to include rights for the dividend is 12 November 2025 [1] - The ex-date for Oslo Børs is 13 November 2025, and for the New York Stock Exchange, it is 14 November 2025 [1] - The record date for the dividend is set for 14 November 2025 [1] - The payment date for the dividend is scheduled for 26 November 2025 [1] - The approval date for the dividend was 22 July 2025 [1] - The cash dividend per share in NOK will be communicated on 20 November 2025 [1] Regulatory Compliance - The information is published in accordance with the Euronext Oslo Børs Continuing Obligations [2] - It is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act [2]

Financial Performance - Equinor reported an adjusted operating income of USD 6.53 billion and an adjusted net income of USD 1.67 billion for Q2 2025, leading to adjusted earnings per share of USD 0.64 [1][8] - The net operating income decreased to USD 5.72 billion from USD 7.66 billion in the same quarter last year, impacted by an impairment of USD 955 million due to regulatory changes [9] - Cash flows from operating activities before taxes and working capital items amounted to USD 9.17 billion for the quarter [10] Production and Operational Highlights - Total equity production reached 2,096 mboe per day, a 2% increase from 2,048 mboe in Q2 2024 [4] - The US onshore assets contributed to a 28% increase in oil and gas production compared to the same period last year [5] - The Johan Castberg field reached production plateau shortly after starting operations, contributing to strong operational performance [14] Strategic Developments - Equinor is progressing its renewable energy portfolio, with financial closure on the Baltyk 2 and 3 offshore wind projects in Poland, totaling EUR 6 billion [16] - The company announced the divestment of the Peregrino field in Brazil for USD 3.5 billion, focusing on the Bacalhau field start-up expected later in 2025 [15] - A long-term gas sales agreement was signed with Centrica for 55 TWh of natural gas per year over ten years, emphasizing the importance of gas supplies from the Norwegian continental shelf [14] Capital Distribution - An ordinary cash dividend of USD 0.37 per share was declared, with an expected total capital distribution of USD 9 billion for 2025, including a share buy-back program of up to USD 5 billion [17][18] - The third tranche of the share buy-back program, valued at up to USD 1.265 billion, is set to commence on July 24, 2025 [18]

Summary of Global Oil and Gas Valuation Report Industry Overview - The report focuses on the **Global Oil and Gas** industry, providing insights into major companies and market dynamics as of **July 18, 2025** [1][2]. Key Companies Mentioned - **India**: Bharat Petroleum, Hindustan Petroleum, Indian Oil, ONGC, Reliance Industries - **Europe**: BP, BW LPG, Ceres Power, ENI, Fuchs Petrolub, Galp, Industrie De Nora, ITM Power, MOL, Motor Oil - **North America**: Aemetis, Antero Resources, APA Corp, Chevron, ExxonMobil, Halliburton, Suncor Energy, Valero Energy - **China**: CNOOC, Petrochina, Sinopec - **Saudi Arabia**: Saudi Aramco - **Others**: Companies from South Africa, Thailand, South Korea, Japan, Australia, and Latin America are also included [2]. Core Insights and Arguments - **Valuation Metrics**: The report provides various valuation metrics such as **EV/DACF**, **FCF Yield**, and **P/E Ratios** for major oil companies, indicating their financial health and market performance [9]. - **Performance Ratings**: Companies are rated based on their performance, with **Chevron** and **ExxonMobil** receiving "Buy" ratings, while **Equinor** is rated as "Sell" [9]. - **Growth Projections**: The report includes **CAGR** estimates for 2024-2027, indicating expected growth rates for different companies, with **Cenovus Energy** projected to have a **78%** upside potential [9]. - **Market Trends**: The report highlights trends in the oil and gas sector, including shifts towards renewable energy and the impact of geopolitical factors on oil prices [6]. Important but Overlooked Content - **Analyst Conflicts of Interest**: The report discloses potential conflicts of interest due to UBS's business relationships with covered companies, which may affect the objectivity of the analysis [4][5]. - **Macro Assumptions**: The report includes macroeconomic assumptions that underpin the valuations, sourced from reputable databases like Bloomberg and Reuters [6]. - **Definitions and Metrics**: Key financial metrics and definitions are provided to ensure clarity in the analysis, such as the **Nelson Complexity Index** for refining capacity [8]. Conclusion - The **Global Oil and Gas Valuation Report** provides a comprehensive analysis of the industry, highlighting key players, financial metrics, and growth projections while also addressing potential conflicts of interest and macroeconomic assumptions that could influence investment decisions [1][2][4][5][9].

Group 1 - BASF and Equinor have signed a long-term strategic agreement to secure up to nearly 2 billion cubic meters of natural gas annually over the next ten years [1] - This agreement ensures a significant portion of BASF's natural gas supply needs in Europe [1] - Deliveries under this agreement are set to commence on October 1 [1]

巴斯夫与挪威国家石油公司确认战略合作伙伴关系，并签署为期十年的天然气供应协议。 ...

Key Takeaways FTI won a significant iEPCI contract from Equinor for the Heidrun extension in the Norwegian North Sea. The award followed a successful iFEED phase that optimized field layout and minimized lifecycle costs. The project supports Heidrun's long-term output while reducing environmental impact and capital expenditure.TechnipFMC plc (FTI) , a Houston, TX-based oil and gas equipment and services company, has been awarded a significant integrated Engineering, Procurement, Construction, and Installa ...

Group 1 - Equinor ASA has awarded a sizeable EPCIC contract to Aker Solutions for the Fram Sør subsea development, marking a significant step in enhancing gas supply to Europe [1][2][9] - The contract value is estimated between NOK 0.5 billion and NOK 1.5 billion ($49-$150 million), with work already commenced and first production targeted for the end of 2029 [2][9] - The Fram Sør project will utilize existing infrastructure, with plans to develop 12 wells and additional slots for future development in the Fram/Troll area [3][5][9] Group 2 - Aker Solutions will lead the project execution from its Bergen office, with support from its Mumbai team, handling detailed engineering and procurement [4] - Equinor holds a 45% stake in the Fram Sør project, with Vår Energi and Inpex Idemitsu Norge holding 40% and 15% stakes, respectively [5]

Core Insights - Hess Corporation has officially exited Suriname's offshore Block 59, concluding its exploration activities after meeting minimum work obligations, with the block reverting to state control [1][9] - The exit follows the withdrawal of Hess' former partners, Exxon Mobil and Equinor, over high drilling risks and financial uncertainties [2][9] - Block 59, located in deepwater with depths of 2,700-3,500 meters, struggled to attract new partners for exploration after the exit of ExxonMobil and Equinor [3][9] Exploration Challenges - Hess avoided further financial commitments by opting out before the next exploration phase ending in July 2025, as the region has not yet shown viable production prospects [4] - Staatsolie, Suriname's state oil company, aims to reassign Block 59 as part of its strategy to maximize offshore investment, with nearly half of Suriname's offshore territory under production sharing agreements [5][6] Future Partnerships - Staatsolie is committed to securing new partnerships to explore the country's hydrocarbon potential, despite the challenges associated with ultra-deepwater exploration [6]

Core Insights - Equinor ASA has withdrawn from its third offshore wind project in Australia, indicating a significant reduction in its investment in renewable energy projects, which poses challenges for the Australian government's offshore wind industry plans [1][10] Company Developments - In early 2025, Equinor exited the Bass Offshore Wind Energy (BOWE) project, transferring full ownership to Nexsphere, which plans to continue the project with international partners [2] - This withdrawal marks the third offshore wind project Equinor has exited in Australia, raising concerns about its remaining involvement in the Novocastrian wind farm [3] Industry Context - Equinor's recent strategy reflects a broader trend of scaling back investments in clean energy, shifting focus back to traditional fossil fuels to enhance shareholder returns [4] - The offshore wind industry is currently facing challenges such as supply chain issues, regulatory setbacks, inflation, and high interest rates, leading to increased costs for developers [4] - The BOWE project, located near Tasmania, was expected to have 70-100 wind turbines with a capacity of up to 1,500 megawatts, but failed to secure a feasibility license, the first regulatory permit needed for offshore energy development in Australia [5]

Core Insights - Equinor ASA has approved a $1.29 billion investment for phase 3 of the Johan Sverdrup field, expected to increase recoverable reserves by 40-50 million barrels of oil equivalent [1][8] - The project will involve new subsea equipment, including two subsea templates with a total of eight wells, and is projected to start production in Q4 2027 [2] - The use of artificial intelligence in project planning has resulted in $13 million in savings during the development of phase 3 [3] - The recovery rate from the Johan Sverdrup field is expected to rise from 66% to approximately 75% with the completion of phase 3, which is crucial for maintaining high production levels [4][6] - Equinor holds a 42.6% interest in the Johan Sverdrup field, with partners including Aker BP, Petoro, and TotalEnergies EP Norge [5] - The project aims to enhance Europe's energy security by increasing recoverable volumes from the largest producing oilfield in western Europe [6]