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 (LON: SHEL), TotalEnergies (LON: TTE) and Exxon Mobil (NYSE: XOM) last year, according to a list of holdings Norges Bank Investment Management publishes once a year on its website. Stakes in Chevron (NYSE: CVX) and BP (LON: BP) 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.