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Equinor (EQNR) Winds Down its Energy Business in Russia

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Equinor ASA EQNR recently announced its exit from all joint ventures in Russia, clinching the title of the first major Western oil producer to completely remove its exposure in the country.

From all future commitments and obligations, Equinor has now freed itself, thereby transferring its participating interests in four joint ventures in Russia to Rosneft. Equinor is exiting the Kharyaga project, and the accord to leave the development has been inked.

Equinor said that in line with the sanctions legislation of Norway and the European Union against Russia, it has completed its exits from all joint ventures.

It was on Feb 27 that the integrated energy major made the decision to commence the process of exiting its joint ventures in Russia just a few days after the country’s troops invaded Ukraine. With the exit from Russia, Equinor has witnessed a massive impairment of its assets in the country. As of Mar 31, 2022, EQNR witnessed an impairment of $1.08 billion on the balance sheet.

Equinor is now optimizing its gas production, which will aid it in delivering higher volumes of the commodity. This, in turn, will make EQNR capable of delivering gas securely and safely to combat the ongoing energy crisis in Europe.

Equinor ASA Price

Equinor ASA Price
Equinor ASA Price

Equinor ASA price | Equinor ASA Quote

Currently, Equinor sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include ConocoPhillips COP, Marathon Oil MRO and Occidental Petroleum OXY. While ConocoPhillips carries a Zacks Rank #2 (Buy), Marathon Oil and Occidental Petroleum sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. COP has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.

In 2022, ConocoPhillips is likely to see earnings growth of 141.6%.

Marathon Oil is a leading oil and natural gas exploration and production company. MRO has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.

In 2022, Marathon Oil is likely to see earnings growth of 201.3%.

In the United States, Occidental Petroleum is among the largest oil producers. OXY has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.

In 2022, Occidental Petroleum is likely to see earnings growth of 278.8%.


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