What's Going On With Equinor Shares Monday?
Portfolio Pulse from Lekha Gupta
Equinor ASA (NYSE:EQNR) shares fell after the restart of the Hammerfest LNG plant was delayed due to a gas leak. The plant, crucial for LNG delivery, was evacuated last week but is expected to resume operations soon. Equinor recently reported Q1 FY24 results with $24.79 billion in adjusted revenue and plans to invest $6 billion annually in oil and gas exploration through 2035.
April 29, 2024 | 1:48 pm
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Equinor ASA shares declined due to a delay in restarting the Hammerfest LNG plant following a gas leak, alongside reporting strong Q1 FY24 earnings and a significant investment plan in exploration.
The short-term negative impact on EQNR's stock price is primarily due to the operational hiccup at the Hammerfest LNG plant, which could affect production and delivery schedules. However, the company's strong quarterly earnings and aggressive investment in exploration may mitigate some of the negative sentiment in the medium to long term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100