Why Big Oil Is Scaling Back Renewables Investment [Yahoo! Finance]
Equinor ASA (EQNR)
Last equinor asa earnings: 2/6 12:43 am
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Source: Yahoo! Finance
First came the ambitions to become major players in the renewables sector and goals to reduce oil and gas production by the end of the decade. That was in 2019 and early 2020 when Big Oil firms were racing to announce major shifts in strategy toward conventional and green energy. This strategy held for about two years until the energy market shocks from the Russian invasion of Ukraine and the financial shocks of soaring inflation and rising interest rates upended everything again. Poor Returns, Soaring Costs Big Oil's returns in the renewables business were slim, at best, even before the 2022 energy and inflation shocks. Following these shocks, the soaring costs made investments unprofitable, and the European majors Shell, BP, and Equinor took millions of U.S. dollars in impairments on European and U.S. projects in 2023. Meanwhile, oil and gas production and trading were reaping high returns, and the majors' profits skyrocketed to all-time highs . European oil and gas giants
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EQNR
News
- Norway's Equinor Cuts 20% of Renewable Energy Staff [Yahoo! Finance]Yahoo! Finance
- Norway's Equinor cuts 20% of staff at its renewable energy division [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Oil prices firm as geopolitical tensions raise supply concerns [CNBC]CNBC
- Oil prices firm as geopolitical tensions raise supply concerns [Yahoo! Finance Canada]Yahoo! Finance Canada
- Oil prices firm as geopolitical tensions raise supply concerns [Yahoo! Finance Canada]Yahoo! Finance Canada
EQNR
Earnings
- 10/24/24 - Beat
EQNR
Sec Filings
- 11/20/24 - Form 6-K
- 11/19/24 - Form 6-K
- 11/19/24 - Form 6-K
- EQNR's page on the SEC website