Equinor Asa · OSL:EQNR
Equinor Asa — Q4 2020 Earnings Presentation
16 slides from Equinor Asa's earnings presentation, Feb 11, 2021
Slide 1: 4th Quarter 2020 results
2s 6 equinor 4th Quarter 2020 results Svein Skeie Chief Financial Officer 10 February, 2021
Slide 2: Forward-looking statements
Forward-looking statements ‘This presentation contains certain forwarcHooking statements that involve risks and uncertainties. n some cases, we use words such as “ambition, continue’, ‘could’ ‘estimate’, ‘intend’, “expect, ‘believe’, kel’, ‘may’, ‘outlook’ "plan’.“strategy’, “will, “quidance’, targe
Slide 3: 2020 Highlights
2020 Highlights Forceful response to market turmoil in 2020 USD 3 billion action plan launched in March, delivered more than 3.7 billion + Organic capex at USD 78 billion, well below initial guiding + 5% UPC reduction a year ahead of schedule + 2.4% production growth! in 2020, capturing higher gas p
Slide 4: Financial results
Financial results + Group realised prices down YoY; Liquids 28%, European gas 5%, and North American gas 11% + Adjusted opex and SG&A down 13% in 4Q + Optimising the oil and gas portfolio - Impairments related to Tanzania LNG and Bakken in the USA - Transferred exploration obligations in Russia Refi
Slide 5: Adjusted earnings
Adjusted earnings E&P Norway - High production efficiency ina challenging environment = 11% reduction in underlying opex and SGRAt ~ Increased production capacity at Johan Sverdrup Million USD Pre tax After tax 4a’ 20 1841 707 4Q19 2,738 759 E&P International = Impairment of Tanzania LNG of USD 1 bi
Slide 6: Oil and gas production and reserves
A ely equinor 2020 Oil and gas production and reserves 2.4% rebased production growth -5 Percent Reserve replacement ratio (RRR) Proved SEC reserves Preliminary numbers. 95 Successful ramp up on Johan Sverdrup Snorre Expansion on stream Capturing value from increasing gas prices Equity volumes mboe/
Slide 7: A strong renewable portfolio
A strong renewable portfolio High availability on producing assets High production as expected in the fourth quarter Renewables GWh 1568 Mee 476 480 4Q2019 4Q2020 FY 2019! FY 2020 Power generation, Equinor share 1 FY 2019s adjusted for divestmentin Arkona equinor Strategic progress and important mil
Slide 8: Positive cash flow
Positive cash flow Net positive cash flow of USD 14 billion in 4Q and positive for the full year Net NCS tax in 4Q of USD 393 million USD 550 million payment for KGN acquisition USD 500 million pre-payment receipt on US wind deal Organic capex of USD 7.8 billion for 2020 Stable adjusted net debt rat
Slide 9: Outlook
Outlook Annual organic capex Exploration activity Production growth 2021-22 2021 2020-21 2020-26 Billion USD Billion USD! Percent Percent, CAGR 1 Based on 9.0 USD/NOK compared to 11 at 1@ 2020 guiding 2. Excluding field development costs. 3, 2020 production rebased for portfolio measures. 9 4th
Slide 10: 4th Quarter 2020 results
2s 6 equinor 4th Quarter 2020 results Svein Skeie Chief Financial Officer 10 February, 2021
Slide 11: Segment results
equinor *: Segment results Adjusted earnings E&P Norway E&P International E&P USA MMP. Other Pre tax, Million USD 4@' 20 1841 (1,215) (172) 352 (49) 4Q'19 2,738 192 54 524 4l IFRS NOI Pre tax, Million USD 4@’ 20 1803 (1,376) (559) (480) (75) 4Q'19 1476 53 7 360 211 Excludes E&P USA
Slide 12: Long term debt maturity profile
Long term debt maturity profile 3000 Million USD 2500 2000 1500 1000 500 Oo =USD =GBP MEUR BNOK 202) 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035, 2036 2037 2038 2039 2040 2041 2042 2043, 2044 2045, 2046 2047 2048 2049 2050 12 | 4th Quarter 2020 Open 10 February 2021,
Slide 13: Sensitivities
equinor ** Sensitivities! — indicative effects on 2021 results +10 USD/bbI 32 Gas price: + 1USD/mmBTU 21 Currency: 0. USD/NOK +0.50 06 mNet income effect Net operating income effect 1. Based on USD/NOK of 9.00.
Slide 14: Investing for profitable growth
2021-2022 Investing for profitable growth + ~50% in Norway (NO) + ~60% in operated assets + ~50% in new assets + ~90% in upstream 100% 80% 60% 40% 20% 0% Rest of the world By region MMP, NES and other Non-operated Operated Operatorship equinor ** MMP, NES and other New assets US onshore and explorat
Slide 15: Proved reserves and total recoverable resources
Proved reserves and total recoverable resources Billion boe ~19 (0.8) (0.7) (0.0) (0.5) (0.0) (0.0) 2019 Production Divestments Discoveries, mProved reserves Acquisitions, Revisions mReserves and resources 1 Including L3 bn boe related to the Tanzania LNG project 2 Bakken asset isincludedin the prov
Slide 16: Investor Relations in Equinor
equinor Investor Relations in Equinor E-mail: irpost@equinor.com Investor Relations Europe Peter Hutton Senior Vice President phutt@equinor.com +44 788 191 8792 Lars Valdresbraten IR Officer lava@equinor.com +47 40 28 1789 Erik Gonder IR Officer ergon@equinor.com +47 99 56 26 11 Ida Marie Fjellheim