Equinor Asa · OSL:EQNR

Equinor Asa — Q1 2023 Earnings Presentation

43 slides from Equinor Asa's earnings presentation, May 4, 2023

  1. Slide 1: 2023 First quarter Financial statements and review

    2023 First quarter Financial statements and review 2022 Artbox Report Template All rights reserved © Artbox AS 2022

  2. Slide 2: Contents

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 2 CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Contents FIRST QUARTER 2023 REVIEW CONDENSED INTERIM FINANCIAL STATEMENT AND NOTES SUPPLEMENTARY Equinor first quarter 2023 3 Condensed interim financial statement and notes 15 Supplementary disclosure

  3. Slide 3: Equinor first quarter 2023

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 3 Equinor first quarter 2023 CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Equinor first quarter 2023 Financial information (unaudited, in USD million) Net operating income/(loss) Q1 2023 12,517 Quarters Q4 2022 16,584 Q1 2022 18,392 Change Q1 on Q1

  4. Slide 4: Strong production and continued high deliveries of energy to Europe

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 4 Equinor first quarter 2023 CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Strong production and continued high deliveries Equinor completed nine exploration wells offshore growth. The Marketing, Midstream & Processing (MMP) tranche of the share buy

  5. Slide 5: Group review

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 5 Group review CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Group review Financial information Quarters Change Quarters Change (unaudited, in USD million) Q1 2023 Q4 2022 Q1 2022 Q1 on Q1 Operational information Q1 2023 Q4 2022 Q1 2022 Q1 on Q1 Tot

  6. Slide 6: Operations

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 6 Group review CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Operations the first quarter of 2023. Strong physical crude and Cash flow, net debt and capital distribution Subject to approval at the AGM in May, the cash outflow Solid operational performa

  7. Slide 7: Outlook

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 7 Outlook CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Outlook • Organic capital expenditures* are estimated at to events and depend on circumstances that will occur USD 10-11 billion for 2023, and at an annual average in the future. Deferral of pr

  8. Slide 8: Supplementary operational disclosures

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 8 Supplementary operational disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Supplementary operational disclosures Operational data Quarters Change Quarters Change Q1 2023 Q4 2022 Q1 2022 Q1 on Q1 Q1 2023 Q4 2022 Q1 2022 Q1 on Q1 Prices Equ

  9. Slide 9: Health, safety and the environment

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 9 Supplementary operational disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Health, safety and the environment Twelve months average per Full year Q1 2023 2022 Total recordable injury frequency (TRIF) 2.7 2.5 Serious Incident Frequency (SI

  10. Slide 10: Exploration & Production Norway

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 10 Exploration & Production Norway CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Production Norway Financial information Quarters Change Production & Revenues Operating expenses and financial results Increased production supported by t

  11. Slide 11: Exploration & Production International

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 11 Exploration & Production International CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Production International Financial information Quarters Change Production & Revenues Operating expenses and financial results The restart of product

  12. Slide 12: Exploration & Production USA

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 12 Exploration & Production USA CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Production USA Financial information Quarters Change Production & Revenues Operating expenses and financial results The Caesar Tonga field in the US Gulf of Me

  13. Slide 13: Marketing, Midstream & Processing

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 13 Marketing, Midstream & Processing CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Marketing, Midstream & Processing Financial information Quarters Change Operational information Quarters Change (unaudited, in USD million) Q1 2023 Q4 2022 Q1 2022 Q1

  14. Slide 14: Renewables

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 14 Renewables CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Renewables Financial information Quarters Change Renewables power generation Operating expenses and financial results Power generation comes mainly from offshore wind In the first quarter of

  15. Slide 15: Condensed interim financial statement and notes

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 15 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Condensed interim financial statement and notes Consolidated statement of income 16 Consolidated statement of comprehensive income 17 Consolidated balan

  16. Slide 16: Consolidated statement of income

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 16 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY CONSOLIDATED STATEMENT OF INCOME Quarters Quarters (unaudited, in USD million) Note Q1 2023 Q4 2022 Q1 2022 (unaudited, in USD million) Note Q1 2023 Q4

  17. Slide 17: Consolidated statement of comprehensive income

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 17 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarters (unaudited, in USD million) Q1 2023 Q4 2022 Q1 2022 Net income/(loss) 4,966 7,897 4,714 Actuaria

  18. Slide 18: Consolidated balance sheet

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 18 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY CONSOLIDATED BALANCE SHEET At 31 March At 31 December At 31 March At 31 December (unaudited, in USD million) Note 2023 20221 (unaudited, in USD million)

  19. Slide 19: Consolidated statement of changes in equity

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 19 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY OCI from equity Additional Retained Foreign currency accounted Shareholders' Non-controlling (unaudited, in

  20. Slide 20: Consolidated statement of cash flows

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 20 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY CONSOLIDATED STATEMENT OF CASH FLOWS Quarters Quarters (unaudited, in USD million) Note Q1 2023 Q4 2022 Q1 2022 (unaudited, in USD million) Note Q1 2023

  21. Slide 21: Notes to the condensed interim financial statements

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 21 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS Note 1. Organisation and basis of preparation Note 2. Segments Organisation and principal activities

  22. Slide 22: Segments: First quarter 2023

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 22 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY First quarter 2023 (in USD million) E&P Norway E&P International E&P USA MMP REN Other Eliminations Total Revenues third party, other revenue and other

  23. Slide 23: Segments: Fourth quarter 2022

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 23 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Fourth quarter 2022 (in USD million) E&P Norway E&P International E&P USA MMP REN Other Eliminations Total Revenues third party, other revenue and other

  24. Slide 24: Segments: First quarter 2022

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 24 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY First quarter 2022 (in USD million) E&P Norway E&P International E&P USA MMP REN Other Eliminations Total Revenues third party, other revenue and other

  25. Slide 25: Note 3. Acquisitions and disposals

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 25 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Non-current assets by country Note 3. Acquisitions and disposals At 31 March At 31 December (in USD million) 2023 2022 Acquisitions includes a non-opera

  26. Slide 26: Note 4. Revenues; Note 5. Financial items

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 26 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Note 4. Revenues Note 5. Financial items Revenues from contracts with customers by constitutes 84% and USA constitutes 12% of such Quarters geographical

  27. Slide 27: Note 6. Income taxes; Note 7. Provisions and related parties

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 27 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Note 6. Income taxes Note 7. Provisions, commitments, contingent items and related parties Litigation and claims Related parties Quarters During the nor

  28. Slide 28: Note 8. Capital distribution

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 28 Condensed interim financial statement and notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Note 8. Capital distribution Dividend for the first quarter Board of Directors has proposed an annual buy-back On 3 May 2023, the Board of Directors reso

  29. Slide 29: Supplementary disclosures

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 29 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Supplementary disclosures Exchange rates expenses and selling, general and administrative or lower than the statutory tax rate for any given expenses, adjusted depreciation e

  30. Slide 30: Amended principles for Adjusted earnings

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 30 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Amended principles for Adjusted earnings with Impact of change Q1 2022 Q4 2022 effect from the first quarter of 2023: MMP segment As reported Impact Restated As reported Impac

  31. Slide 31: Supplementary disclosures: non-GAAP definitions

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 31 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY • Capital employed adjusted – this measure is capital expenditures included in this report are not paid for the first quarter of 2023 and the first and Q4 2022: negative USD 0.

  32. Slide 32: Supplementary disclosures: adjusting items

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 32 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY risk exposure relating to its commercial storage. asset, not only the period in which it is impaired, or can include transactions such as provisions related These derivative

  33. Slide 33: Reconciliation of adjusted earnings

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 33 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Reconciliation of adjusted earnings The table specifies the adjustments made to each of the profit and loss line item included in the net operating income/(loss) subtotal. Expl

  34. Slide 34: Items impacting net operating income Q1 2023 (continued)

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 34 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Exploration Marketing, Items impacting net operating income/(loss) in the first quarter of 2023 (continued) Equinor Production & Production Exploration & Midstre

  35. Slide 35: Items impacting net operating income Q1 2022

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 35 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Exploration Marketing, Items impacting net operating income/(loss) in the first quarter of 2022 Equinor Production & Production Exploration & Midstream & (in USD

  36. Slide 36: Items impacting net operating income Q1 2022 (continued)

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 36 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Exploration Marketing, Items impacting net operating income/(loss) in the first quarter of 2022 (continued) Equinor Production & Production Exploration & Midstre

  37. Slide 37: Items impacting net operating income Q4 2022

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 37 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Exploration Marketing, Items impacting net operating income/(loss) in the fourth quarter of 2022 Equinor Production & Production Exploration & Midstream & (in U

  38. Slide 38: Items impacting net operating income Q4 2022 (continued)

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 38 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Exploration & Exploration Marketing, Items impacting net operating income/(loss) in the fourth quarter of 2022 (continued) Equinor Production & Production Exploration & Midst

  39. Slide 39: Adjusted earnings after tax by reporting segment

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 39 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Adjusted earnings after tax* by reporting segment Quarters Q1 2023 Q4 2022 Q1 2022 Adjusted Tax on adjusted Adjusted earnings Adjusted Tax on adjusted Adjusted earnings Adjus

  40. Slide 40: Reconciliation of adjusted earnings after tax to net income

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 40 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Reconciliation of adjusted earnings after tax to net income Adjusted exploration expenses Quarters Quarters Change (in USD million) Q1 2023 Q4 2022 Q1 2022 (in USD million) Q

  41. Slide 41: Calculation of capital employed and net debt to capital employed ratio

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 41 Supplementary disclosures CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Calculation of capital employed and net debt to capital employed ratio The table below reconciles the net interest-bearing debt adjusted, the capital employed, the net debt t

  42. Slide 42: Forward-looking statements

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 42 Forward-looking statements CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY Forward-looking statements This report contains certain forward-looking tax payments; the ambition to keep unit of production climate change; changes in market demand and su

  43. Slide 43: End notes

    FIRST QUARTER CONDENSED INTERIM FINANCIAL 43 End notes CONTENTS 2023 REVIEW STATEMENT AND NOTES SUPPLEMENTARY End notes 1. The group's average liquids price is a volume- 5. Transactions with the Norwegian State. The 8. The internal transfer price paid from the MMP weighted average of the segment pri

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