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.
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:
| COMPANY | COUNTRY | HOLDING IN $M (END 2018) |
|---|---|---|
| ConocoPhillips | U.S. | 714 |
| EOG Resources | U.S. | 488 |
| Occidental Petroleum* | U.S. | 456 |
| CNOOC | CHN | 330 |
| Woodside Petroleum | AU | 288 |
| Canadian Natural Resources | CAN | 278 |
| Pioneer Natural Resource | U.S. | 200 |
| Concho Resources | U.S. | 162 |
| INPEX CORPORATION | JA | 150 |
| 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 | ||
| COMPANIES IN “OIL: CRUDE PRODUCERS” NOT HELD BY THE FUND AT END 2018 | |
|---|---|
| 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 |