EU ENERGY SECTOR: Equinor: Q225 Results
(EQNR; Aa2/AA-/NR) Credit Neutral
Adjusted op income broadly in line albeit with a $955mn wind impairment weighing further down the income statement. Leverage increased on a state liability, as expected — an accounting effect of proportionally buying back state-held shares.
- Q2 production 2096mboepd (+2% YoY, in line).
- Q2 adj-op inc $6.5bn (-13% YoY, in line).
- Q2 net-op income $5.7bn (-25% YoY, 12% miss). H1 -13% YoY.
- Q2 CFO $2.5bn (-8% YoY, 12% beat). H1 +5% YoY.
- Q2 CapEx $3.4bn (+15% YoY, 9% miss). H1 +18% YoY.
- Gross debt $34.3bn vs. $30.1bn at FY24. ND $7.5bn vs. $5.7bn.
- “Net debt increased mainly due to a $4,141mn liability to the state…to be paid during July”
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GILT TECHS: (U5) Pullback Considered Corrective
- RES 4: 94.15 2.000 proj of the May 22 - 27 - 29 price swing
- RES 3: 94.00 Round number resistance
- RES 2: 93.73 1.764 proj of the May 22 - 27 - 29 price swing
- RES 1: 93.13./93.68 61.8% of Jun 13 - 16 downleg / High Jun 13
- PRICE: 92.69 @ Close Jun 20
- SUP 1: 92.34 20-day EMA
- SUP 2: 92.23 Low Jun 16
- SUP 3: 91.56 Low Jun 9
- SUP 4: 91.44 Low Jun 8
A bullish condition in Gilt futures remains intact and the latest sell-off is - for now - considered corrective. Recent gains marked an extension of the breach of resistance at 91.87, the May 20 high. This signals scope for a test of 93.73, a Fibonacci projection point. Note the uptrend is in overbought territory, a deeper pullback would unwind this position. Initial firm support lies at 92.34, the 20-day EMA.
GILTS: Opening calls
Gilt calls, 92.36/92.60 range.
EQUITIES: Opening calls
Estox 50: -0.52%, Dax: -0.63%, CAC: -0.87%, FTSE -0.36%, SMI -0.55%.
