From Michael Fitzsimmons over at SeekingAlpha:
Summary
- Norway's Equinor (previously known as Statoil) was one of the first O&G companies to embrace renewables.
- while BP recently grabbed headlines for its high-profile strategy shift toward renewables, Equinor has a head start.
- with its expertise in off-shore drilling, combined with a very long coastline, Equinor is primed to profit from wind energy.
- the newly announced CEO is a long-time company engineer who has a favorable view of renewables - and that bodes well for the future.
- meantime, the company's world-class and massive Johan Sverdrup field will be the main contributor to upstream profits.
The reason I include the quotations is that it is clear: Equinor's Board of Directors and new CEO Opedal are putting a priority on transitioning the company to a low-carbon future. While the announcement may seem to come on the heels of BP's recent strategy shift, the fact is that Equinor has been quietly building up a renewables business for quite some time and has a head-start over all other international integrated O&G companies.
Going forward, for energy investors, one might want to archive this article.
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