Equinor ASA
Acquisitions
3
Major Deals Covered
This page covers 3 major deals from 2007 to 2024, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Norsk Hydro Petroleum Division (Merger) | 2007 | Undisclosed | The merger between Statoil ASA and Norsk Hydro ASA's petroleum business, implemented on October 1, 2007, was designed to create a stronger international player than either company could achieve separately. The combined entity, initially named StatoilHydro, would control more than a third of remaining proven resources on the NCS, operate about 80% of NCS production, and have a presence in almost 40 countries. |
| Danske Commodities | 2018 | Undisclosed | Equinor agreed in December 2018 to buy Danske Commodities, a Danish power and gas trading company, to strengthen its trading in European power and gas markets. |
| EQT Northern Marcellus non-operated interest (asset swap) | 2024 | Undisclosed | In December 2024 Equinor swapped its non-operated Ohio Utica assets plus cash for a 40% non-operated interest in EQT-operated Northern Marcellus gas assets in Pennsylvania. |
2024
In December 2024 Equinor swapped its non-operated Ohio Utica assets plus cash for a 40% non-operated interest in EQT-operated Northern Marcellus gas assets in Pennsylvania.
The deal concentrated Equinor's US onshore position in the low-cost Marcellus gas basin.
Part of Equinor's portfolio high-grading of its US onshore business.
2018
Equinor agreed in December 2018 to buy Danske Commodities, a Danish power and gas trading company, to strengthen its trading in European power and gas markets.
Danske Commodities trades in 40 markets worldwide and has become a core component of Equinor's Marketing, Midstream & Processing segment. The acquisition enhanced Equinor's ability to optimize value across the energy value chain through flow assurance, premium market access, and asset-backed trading.
Danske Commodities remains wholly owned by Equinor and contributes to the strong trading results in the MMP segment, though the subsidiary was also involved in the 2025 CRE market manipulation fine related to natural gas transmission capacity trading.
2007
The merger between Statoil ASA and Norsk Hydro ASA's petroleum business, implemented on October 1, 2007, was designed to create a stronger international player than either company could achieve separately. The combined entity, initially named StatoilHydro, would control more than a third of remaining proven resources on the NCS, operate about 80% of NCS production, and have a presence in almost 40 countries.
The merger created a company with approximately 31,000 employees, 6.3 billion boe in proven reserves, and expected output of 1.9 million boe per day. Cost synergies were estimated at ~$384 million (NOK 4 billion) per year before tax. The Norwegian state's ownership in the merged company was 62.5%. The merger reshaped the Norwegian petroleum sector, reducing three domestic oil companies (Saga, Statoil, Hydro) to one national champion.
The merger was integrated, with the company reverting to the Statoil ASA name in 2009. The combined entity became one of the largest offshore oil and gas producers globally and laid the foundation for Equinor's current market position as Europe's largest energy supplier.
The 2026 strategy is "more energy, growing cash flow": extend NCS production through tie-backs, faster development and higher recovery (for example Johan Sverdrup Phase 3), grow international oil and gas in Brazil (Bacalhau), the UK (via the Adura joint venture with Shell), the US and Angola, and high-grade the portfolio by selling assets such as its Argentina business. Renewables spending is now selective, focused on projects already under construction like Dogger Bank and Empire Wind 1, while CO2 storage through Northern Lights continues as a low-carbon growth area.
Equinor makes money mainly by finding, developing and producing oil and natural gas and selling it at market prices. Its reporting segments are Exploration & Production Norway, E&P International, E&P USA, Marketing, Midstream & Processing (MMP), and Renewables. The NCS fields generate most of the profit, because Norway taxes offshore income at a 78% marginal rate but production costs are low. MMP sells Equinor's and the Norwegian state's gas into Europe, trades crude and products, and runs processing plants and the Kalundborg and Mongstad facilities, so revenue rises and falls with oil and European gas prices. Renewables (offshore wind and power) and low-carbon businesses such as CO2 transport and storage are a small share of earnings. Profits are returned through a quarterly dividend ($0.39 per share in 2026) and share buybacks, part of which redeem shares from the Norwegian state to keep its stake at about 67%.
In October 2007, Statoil merged with the oil and gas division of Norsk Hydro in a $30 billion transaction to form StatoilHydro. The merger consolidated virtually all Norwegian offshore operatorship into a single national champion, eliminating duplicate operating expenses and boosting global scale.
In 2016, Equinor acquired Petrobras's 66% operated interest in the BM-S-8 offshore license (containing the giant Carcará / Bacalhau discovery) in Brazil's pre-salt Santos Basin for $2.5 billion. Bacalhau represents one of Equinor's most valuable international deepwater production assets.
In 2011, Statoil acquired U.S. onshore shale producer Brigham Exploration for approximately $4.4 billion in cash. The acquisition provided acreage in the Bakken and Three Forks shale formations in North Dakota, though Equinor later rationalized its U.S. onshore portfolio in 2021 to refocus on offshore operations.
In 2019, Equinor acquired Danish energy trading house Danske Commodities for ~$452 million (€400 million). Danske Commodities provided advanced algorithmic power and gas trading capabilities across 40 global markets, enabling Equinor to capture premium margins when marketing intermittent offshore wind power.
Equinor acquired Polish renewable energy developer Wento in 2021 (adding a 1.6 GW solar pipeline), acquired Brazilian solar developer Rio Energy in 2023, and acquired equity stakes in battery storage and solar developers (such as Scatec and Noriker Power) to build a multi-technology clean power portfolio.
In October 2024, Equinor acquired a 9.8 percent equity stake in Ørsted A/S for approximately $2.5 billion, becoming the second-largest shareholder behind the Danish state. The investment reinforced Equinor's long-term commitment to industrial offshore wind expansion in Europe.
Equinor executed strategic divestments including selling its operated onshore shale assets in the Bakken (2021), divesting assets in Nigeria (2023), and exiting operations in Russia (2022) following the invasion of Ukraine, taking a $1.08 billion impairment to uphold corporate governance standards.
Equinor acquired strategic stakes in key midstream assets, including storage capacity at the South Riding Point terminal in the Bahamas and pipeline interconnects in Germany and the UK, ensuring flexible global delivery routes for its refined products and crude oil.
Their absolute most important historical acquisition was the massive 2007 merger with the oil and gas division of Norsk Hydro (another massive Norwegian industrial giant). This merger created an absolute monopoly over Norwegian offshore drilling, allowing them to aggressively expand internationally.
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