Here’s the (Secret) List of Norway’s Oil Stock Divestments

Norway has now decided which oil stocks its $1.1 trillion sovereign wealth fund will sell. But it doesn’t want to say which ones.
The Finance Ministry announced Tuesday that the fund will, over time, exclude all stocks categorized by index provider FTSE Russell as “Crude Producers.” Some 95 of those companies were included in the fund’s benchmark index at mid-September, with a value of about $5.9 billion, the ministry said.
But both the ministry and the fund declined to provide an exact list, citing a practice of only divulging holdings in detail at the end of each year. Both also declined to say which stocks the fund held at the end of 2018 that are now included in the FTSE Russell subcategory — even though the ministry did that as recently as March, when it presented its divestment proposal to Parliament.

 Back then, an earlier FTSE Russell category was used that also included refiners and petrochemical companies, contradicting the government’s decision to exclude only upstream companies and creating some confusion. “The experience from the previous round is that publishing such a list confuses more than it clarifies,” the ministry said in an emailed comment on Wednesday.

The ministry also said that FTSE Russell’s category lists and the fund’s holdings change frequently, reducing the relevance of disclosing a list.
Fortunately, FTSE Russell provided its most recent data for the “Oil: Crude Producers” subcategory, updated on Oct. 2 after the latest quarterly review. Crossing that list with the fund’s publicly disclosed holdings at the end of 2018 — and assuming those haven’t changed — this would be the stocks that the fund will need to dump:

ConocoPhillips U.S. 714
EOG Resources U.S. 488
Occidental Petroleum* U.S. 456
Woodside Petroleum AU 288
Canadian Natural Resources CAN 278
Pioneer Natural Resource U.S. 200
Concho Resources U.S. 162
Diamondback Energy U.S. 137
Santos AU 118
Marathon Oil Corp U.S. 118
Oil & Natural Gas IDA 109
Devon Energy U.S. 106
Lundin Petroleum SWED 101
Apache Corp. U.S. 100
Kunlun Energy (Red Chip) CHN 88
Oil Search AU 88
Noble Energy U.S. 78
Cabot Oil & Gas U.S. 73
Tullow Oil U.K. 67
Murphy Oil Corp U.S. 56
Continental Resources OK U.S. 51
Cimarex Energy Co U.S. 50
Encana Corporation CAN 47
EQT Corporation U.S. 46
Parex Resources Inc CAN 41
PTT Exploration & Production THAI 41
Antero Resources U.S. 39
Parsley Energy U.S. 35
WPX Energy U.S. 33
Vermilion Energy CAN 32
Beach Energy AU 32
Southwestern Energy U.S. 30
Tourmaline Oil CAN 28
Enerplus CAN 26
Seven Generations Energy CAN 26
Arc Resources CAN 26
Whiting Petroleum U.S. 24
PrairieSky Royalty Ltd CAN 23
Chesapeake Energy U.S. 22
Cairn Energy U.K. 22
SM Energy U.S. 22
Crescent Point Energy CAN 21
Whitecap Resources Inc. CAN 19
QEP Resources U.S. 19
Range Resources U.S. 19
Oil Refineries ISR 18
Oasis Petroleum U.S. 18
PDC Energy U.S. 18
Gulfport Energy U.S. 17
Cooper Energy AU 15
Baytex Energy CAN 14
Denbury Rsc De U.S. 13
Centennial Resource Development U.S. 13
Gran Tierra Energy Incorporation CAN 12
Premier Oil U.K. 12
Laredo Petroleum U.S. 12
SRC Energy U.S. 11
Carrizo Oil & Gas U.S. 10
Birchcliff Energy CAN 10
Kosmos Energy U.S. 8
TORC Oil & Gas Ltd CAN 8
Japan Petroleum Exploration JA 7
Callon Petroleum U.S. 7
Jagged Peak Energy U.S. 7
Matador Resources U.S. 6
United Energy Group HK 6
California Resources U.S. 5
K&O Energy Group JA 5
Senex Energy AU 4
Liquefied Natural Gas AU 2
Karoon Gas Australia AU 2
Extraction Oil & Gas U.S. 2
Oil India Ltd IDA 2
Maurel Et Prom FRA 1
Naphtha Israel Petroleum Corp ISR 1
Paramount Res Class A CAN 1
Kelt Exploration CAN 0.5
*Holding prior to Occidental’s acquisition of Anadarko
Sources: FTSE Russell, Norges Bank Investment Management
Alexandria Mineral Oils EGY
Dommo Energia SA BRAZ
Enauta Participacoes SA BRAZ
Guanghui Energy CHN
Ipek Dogal Enerji Kaynaklari Ve Uretim AS TUR
MEG Energy CAN
NK Russneft PAO RUS
Pakistan Oilfields PAK
Pakistan Petroleum PAK
Soco International UK
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