The boss of Norway’s Equinor has admitted the “entry ticket price was too high” for its foray into the US onshore shale play as a damning analysis has revealed its multi-billion dollar international investments have yielded paltry returns after massive writedowns.

It follows a detailed report released this week by ABG Sundal Collier analyst John Olaisen, reported by Upstream’s sister publication Dagens Naeringsliv, in which he has analysed the profitability of Equinor’s international ventures since it was stocklisted in 2001 based on financial reports and other corporate data over the 18-year period.