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Equinor(EQNR) - 2023 Q2 - Earnings Call Transcript
2023-07-26 13:53
Bay du Nord, yes, actually another very nice and good project, greenfield outside Newfoundland, where sort of we have decided that we won't do that now. We'll give it three more years to develop. And this comes from the way of thinking that we say we'll rather postpone investments to make them better than pushing them forward as soon as we can. So this is value over volume. So this is the similar way of thinking as we have done with Wisting last year on the Barents Sea and what we did with Johan Castberg an ...
Equinor(EQNR) - 2023 Q2 - Earnings Call Presentation
2023-07-26 09:53
- Strong liquids production 75 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1984 1011 973 1994 902 1092 E&P Norway strong production from Johan Sverdrup I 26 July 2023 6| 2Q 2023 results Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you thatour future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the acc ...
Equinor(EQNR) - 2023 Q1 - Earnings Call Presentation
2023-05-04 17:45
equin l Torgrim Reitan Chief financial officer First Quarter 2023 1st quarter 2023 results 4th May 2023 Open - Strong earnings and cash flow across the business - Solid operational performance and production growth · Continued high gas production from NCS to Europe - High value creation from marketing and trading - Maintaining cost and capital discipline - Competitive capital distribution · Ordinary cash dividend of USD 0.30 per share · Extraordinary cash dividend of USD 0.60 per share · Commencement of sec ...
Equinor(EQNR) - 2023 Q1 - Quarterly Report
2023-05-03 16:00
Financial Performance - Equinor reported adjusted earnings of USD 12.0 billion and net income of USD 4.97 billion for Q1 2023, reflecting a decrease of 33% and 5% respectively compared to Q1 2022[7][9]. - Net operating income was USD 12.5 billion, down 32% from USD 18.4 billion in Q1 2022, while total revenues decreased by 20% to USD 29.2 billion[9][24]. - Cash flow from operations after taxes paid was USD 9.72 billion, down 38% from USD 15.75 billion in Q1 2022[19][24]. - Total revenues and other income for Q1 2023 were USD 12,044 million, down 35% from USD 18,454 million in Q1 2022[54]. - Net operating income for Q1 2023 was USD 9,816 million, a 42% decrease from USD 16,933 million in Q1 2022[54]. - Total revenues for Q1 2023 were USD 29,210 million, a decrease of 14.5% compared to Q1 2022's USD 36,050 million[127]. - Net operating income for Q1 2023 was USD 16,584 million, compared to USD 18,392 million in Q1 2022, reflecting a decline of 9.8%[119]. - The net income attributable to equity holders of the company in Q1 2023 was USD 4,962 million, compared to USD 4,710 million in Q1 2022, reflecting a 5.3% increase[92]. Production and Sales - Total equity production reached 2,130 mboe per day, a 1% increase from 2,106 mboe per day in Q1 2022, driven by new field ramp-ups[12][24]. - Equinor's gas production on the Norwegian continental shelf remained high, contributing significantly to European energy security[13][24]. - Gas production to Europe accounted for 55% of total production in the first quarter of 2023, with a slight increase in volume compared to Q1 2022[29]. - Liquids sales volumes increased by 3% to 217.3 mmbl in Q1 2023 compared to Q1 2022[77]. - Average Brent oil price decreased by 20% year-on-year to USD 81.3 per barrel, while average liquids price fell by 24% to USD 73.8 per barrel[49]. Capital Expenditures and Investments - Organic capital expenditures are estimated at USD 10-11 billion for 2023, with an average of around USD 13 billion for 2024-2026[48]. - The acquisition of BeGreen, a solar project developer, was completed, adding over 6 GW to the project pipeline[16][24]. - The acquisition of Suncor Energy UK Limited was agreed for USD 850 million, with USD 250 million contingent on a final investment decision[123]. - Additions to PP&E, intangibles, and equity accounted investments totaled USD 2,828 million in Q1 2023[118]. Dividends and Shareholder Returns - The company expects a total capital distribution of USD 17 billion for 2023, including a share buy-back program of USD 6 billion[21][22]. - The board declared an ordinary cash dividend of USD 0.30 per share and an extraordinary cash dividend of USD 0.60 per share for Q1 2023[40]. - The share buy-back program for 2023 is proposed at up to USD 6 billion, including shares to be redeemed from the Norwegian State, maintaining the State's ownership at 67%[137]. - The first tranche of the share buy-back program launched on February 7, 2023, amounted to USD 1 billion, with USD 330 million acquired in the open market[138]. Tax and Financial Ratios - The effective tax rate decreased from 72.6% in Q1 2022 to 63.8% in Q1 2023, primarily due to a lower share of income from the NCS[33]. - The effective tax rate for Q1 2023 was 63.8%, significantly influenced by lower income from the Norwegian continental shelf[131]. - The adjusted net debt to capital employed ratio improved to negative 52.3% from negative 23.9% at the end of Q4 2022[20][24]. - The net debt to capital employed ratio increased to (59.6%) in Q1 2023 from (32.6%) in Q4 2022, indicating a significant rise in leverage[180]. Cash Flow and Liquidity - Cash flows provided by operating activities in Q1 2023 amounted to USD 14,871 million, significantly higher than USD 4,267 million in Q4 2022[102]. - Cash and cash equivalents increased to USD 17,915 million as of March 31, 2023, up from USD 15,579 million at the end of 2022[96]. - The company reported a net increase in cash and cash equivalents of USD 1,809 million in Q1 2023, contrasting with a decrease of USD 8,612 million in Q4 2022[102]. - Cash flow from operations after taxes paid is used to evaluate cash generated from operating activities, but is not a measure of liquidity under IFRS[158]. Strategic Outlook - The company aims to optimize its portfolio and increase gas exports as part of its future strategy[182]. - Equinor plans to grow cash flow and returns while maintaining a focus on decarbonization and renewable energy investments[182]. - The company anticipates continued volatility in oil prices and macroeconomic conditions impacting future performance[183].
Equinor(EQNR) - 2022 Q4 - Annual Report
2023-03-22 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...
Equinor(EQNR) - 2022 Q4 - Earnings Call Transcript
2023-02-08 18:38
Equinor ASA (NYSE:EQNR) Q4 2022 Earnings Conference Call February 8, 2023 7:00 AM ET Company Participants Bård Glad Pedersen - Senior Vice President of Investor Relations Anders Opedal - President and Chief Executive Officer Torgrim Reitan - Executive Vice President and Chief Financial Officer Irene Rummelhoff - Executive Vice President of Marketing, Midstream & Processing Pål Eitrheim - Executive Vice President of Renewables Kjetil Hove - Executive Vice President Exploration & Production Norway Conference ...
Equinor(EQNR) - 2022 Q3 - Earnings Call Transcript
2022-10-28 22:44
Equinor ASA (NYSE:EQNR) Q3 2022 Results Conference Call October 28, 2022 5:30 AM ET Company Participants Mads Holm - Head of Investor Relations Torgrim Reitan - Executive VP and CFO Conference Call Participants Biraj Borkhataria - RBC Oswald Clint - Bernstein Lydia Rainforth - Barclays Teodor Nilsen - SB1 Market Yoann Charenton - Society Generale John Olaisen - ABG Martijn Rats - Morgan Stanley Kim Fustier - HSBC Amy Wong - Credit Suisse Operator Good morning, good afternoon, ladies and gentlemen. Thank you ...
Equinor(EQNR) - 2022 Q3 - Quarterly Report
2022-09-29 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of September 2022 Commission File Number: 1-15200 Equinor ASA (Translation of registrant's name into English) FORUSBEEN 50, N-4035, STAVANGER (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20 ...
Equinor(EQNR) - 2022 Q2 - Earnings Call Presentation
2022-07-27 13:42
2nd quarter 2022 results Ulrica Fearn Chief Financial Officer 27 July 2022 Open Second quarter 2022 Open 27 July 2022 27 July 2022 − Continued strong earnings and cash flow from operations after tax of USD 10 billion 1 − Solid operational performance • Maintaining high gas production from NCS • Hammerfest LNG and Peregrino safely back on stream − Delivering on our key strategic priorities • Further optimisation of oil and gas portfolio • Assets in Russia exited • Progress in building new value chains in low ...
Equinor(EQNR) - 2022 Q2 - Earnings Call Transcript
2022-07-27 13:41
Equinor ASA (NYSE:EQNR) Q2 2022 Earnings Conference Call July 27, 2022 5:30 AM ET Company Participants Mads Holm - Head of Investor relations Ulrica Fearn - Executive Vice President and Chief Financial Officer Svein Skeie - SVP, New Value Chain Conference Call Participants Giacomo Romeo - Jefferies Oswald Clint - Sanford C. Bernstein Biraj Borkhataria - RBC TeodorSveen-Nilsen - SB1 Markets Peter Low - Redburn Amy Wong - Credit Suisse Henri Patricot - UBS Mehdi Ennebati - Bank of America Martijn Rats - Morga ...