Buy or Sell, page-561

References applicable to the article below:

1. List of companies in the GPFG's equity portfolio as of 31 December 2018
2. Current to new ICB Structural Conversion Map Detail - shows FTSE Russell mapping of ICB code 0533 (in use on 31/12/18) to the new "Crude Producers" ICB code (60101010) that is referenced in the article below.

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

By

Mikael Holter

4 October 2019, 19:14GMT+10

·Norway’s sovereign wealth fund is excluding pure oil producers

·Government declines to provide names, but list can be deduced

Norway has now decided which oil stocks its $1.1 trillion sovereign wealthfund will sell. But it doesn’t want to say which ones.

The FinanceMinistry 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 ministryand the fund declined to provide an exact list, citing a practice of onlydivulging holdings in detail at the end of each year. Both also declined to saywhich stocks the fund held at the end of 2018 that are now included in the FTSERussell subcategory -- even though the ministry did that as recently as March, when it presented its divestment proposal to Parliament.

1		Norway Wealth Fund Gets Nod to Sell Billion in Oil Stocks (1) Dumping Oil Stocks Proving Hard to Explain for Crude-Rich Norway

Back then, an earlierFTSE 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 saidthat 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: CrudeProducers” subcategory, updated on Oct. 2 after the latest quarterly review.Crossing that list with the fund’s publicly disclosed holdings at the end of2018 -- and assuming those haven’t changed -- this would be the stocks that thefund 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
Sources: FTSE Russell, Norges Bank Investment Management

As at 31/12/18:
1AUDUSD ~USD0.704
LNG.AX close AUD0.505

USD2m ~5.6m shares