Norway’s $1.3 trillion sovereign wealth fund took profit on the world’s biggest oil and gas companies after a run up in energy prices in 2022.
(Bloomberg) — Norway’s $1.3 trillion sovereign wealth fund took profit on the world’s biggest oil and gas companies after a run up in energy prices in 2022.
The fund, which is the biggest beneficial owner of publicly traded companies globally, cut its holding in Shell Plc, TotalEnergies SE and Exxon Mobil Corp last year, according to a list of holdings Norges Bank Investment Management publishes once a year on its website. Stakes in Chevron Corp. and BP Plc were also reduced.
Established in the 1990s to invest Norway’s oil riches, the fund has achieved an average return of 6% over the quarter of a century during which it’s existed. It owned 3.14% of Shell at the end of last year, a stake valued at about $6.2 billion and the largest oil and gas holding in the fund’s portfolio of over 9,000 stocks.
The fund is due to report year-end results later on Tuesday.
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