DETNF - Norwegian oil production takes another step lower misses April targets by 11%

Norway's Petroleum Directorate released official, country-level production results for April on Friday, showing disappointing oil production, but in-line natural gas output. After missing oil production targets by 181kb/d in March, April showed a further 82kb/d decrease in output, resulting in official April results 196kb/d below forecast (10.6% miss). Natural gas production fell 3.3% from March levels on planned maintenance; results were in-line with directorate forecasts. Norway's Equinor (NYSE:EQNR) is the most exposed to Norwegian oil (USO) and gas (UNG) output; however, Total (TTE), Exxon (XOM) and AkerBP (OTCPK:DETNF) also operate in the basin.

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Norwegian oil production takes another step lower, misses April targets by 11%