Who's Next? Equinor Joins BP in Exiting Russia; Total as Most Exposed Could Be, but It's Complicated

Following BP’s announcement to exit its Rosneft stake (see our Feb. 28 note), Equinor announced it would stop new investments and start the process of exiting Russia as well. Equinor has minimal exposure to Russia, producing only 27 mboed in fourth-quarter 2021, about 1% of its total. Year-end non-current assets of $1.2 billion in Russia were a little less than 2% of its total. Equinor holds interest in one offshore and several onshore oil and gas fields, increasing its presence in 2020 by acquiring a minority interest in 12 onshore conventional exploration licenses from Rosneft. Given the relatively small position, our fair value estimate is unchanged.