Norway’s Statoil Changed its Name to Equinor

Norwegian oil giant has changed its name from Statoil to Equinor. Statoil used to trade under the ticket STO on the NYSE. Since May 16, 2018 the ticker was updated to EQNR. The company instituted this change in order to get rid of oil from its old name to meet current trends towards renewable energy and to attract young talent.

From an article at OffShore Energy Today back in May:

The company had on Monday said it expected to implement the name change from (and including) May 16, 2018. This also means that Tuesday, May 15, 2018, was expected to be the last day of trading on Oslo Børs under the ticker “STL”. From May 16, 2018 (inclusive), the Company’s shares are expected to trade on Oslo Børs under the new ticker “EQNR”.

Statoil has said the name Equinor was formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor”signaling a company proud of its Norwegian origin, and who wants to use this actively in its positioning.

Providing rationale for the proposed name change, chair of the board in Statoil, Jon Erik Reinhardsensaid in March: “The world is changing, and so is Statoil. The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development. Our strategy remains firm. The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year.”

Source: Statoil becomes Equinor as shareholders OK name change, OffShore Energy Today, May 16, 2018

Equinor is 67 percent controlled by the government according to a Bloomberg article.

Equinor closed at $25.92 yesterday and has a $90.0 billion market cap.

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