Norway’s wealth fund trims holdings in oil heavyweights

Norway’s sovereign wealth fund pared back its holdings in major oil and gas companies including Exxon Mobil Corp and Chevron Corp in the first half of the year, as it logged huge gains.

The fund trimmed its position in Exxon to 1.32% from 1.46% at the end of 2024. Its holding in Shell Plc was reduced to 2.55% from 2.78% during the same period. Positions in Chevron, BP Plc and TotalEnergies SE were all cut, according to data posted on its website on Tuesday.

Oil prices declined in H1 2025, despite witnessing a surge in June due to the conflict between Israel and Iran. Prices were also impacted by US President Donald Trump's trade policies and OPEC+ moves to increase production quotas.

The fund reported that its total equity investments recorded 6.3% return in the first half, noting that this sector represents 2.9% of its equity portfolio.

It also revealed gains of NOK 698 billion ($68.28 billion) during the first six months of this year, backed by strong returns in financial sector stocks.