Slide 1: 1st Quarter 2020 results
1st Quarter 2020 results Lars Christian Bacher Chief Financial Officer 7 May 2020
Slide 2: Forceful response to a challenging environment
equinor ** Forceful response to a challenging environment - COVID-19 task force to ensure coordinated response - Safeguarding health and safety of people and integrity of operations - Protecting financial resilience + Suspension of buy-back under share buy-back programme + USD 3 billion action plan
Slide 3: First quarter 2020
First quarter 2020 - Financial results impacted by lower commodity prices - Safe and reliable operations under challenging conditions - Improved operating cost - Solid cash flow, net debt ratio of 25.8%! - Successful ramp-up of Johan Sverdrup, reaching a higher plateau of 470,000 bbl per day by end
Slide 4: Safety
Safety Serious incident frequency (SIF) Serious incidents per milion work-hours 14 06 06 06 95 06 06 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Ql 2020° Total recordable injury frequency (TRIF) Total incidents per milion work-hours 44 a2 38 38 Boe 27 28 28 55 5, 2010 2011 2012 2013 2014 2015
Slide 5: Financial results 1Q 2020
equinor Financial results 1Q 2020 (705) 58 1,989 2.047 (1.486) 561 Million USD Significantly lower commodity prices IFRS result impacted by impairments mainly due to lower prices Reducing unit production cost Adjusted tax rate of 73% | i Netincome ReportedNO! Adjustments Adjusted Tax on adj Adjusted
Slide 6: Adjusted earnings
Adjusted earnings Million USD 1Q’ 20 19°19 E&P Norway - Solid production efficiency - Strong improvement in unit production cost Pre tax After tax 1863 550 3,219 872 E&P International equinor *: MMP - Solid production - Stable underlying operating cost Pre tax After tax 15 94 666 500 - Strong result
Slide 7: Production
Production - Record high production - New fields and increased well capacity - Maintaining value over volume approach Equity production mboe/d 2,178 2,178 2,233 2,233 Gas Bi Liquid International MNCs 1Q 2019 1Q 2019 1Q2020 1Q2020 equinor
Slide 8: Solid cash generation
Solid cash generation Net debt ratio of 25.8%! + Mainly impacted by currency movements Maintained strong credit rating One NCS tax installment Organic capex of USD 2.3 billion 2 1 Aduusted, excludinglFRS16 impact. 2. Based on USD/NOK exchange rate of 95 2020 YTD Cash flow Million USD Cash flow from
Slide 9: Outlook
Outlook Organic capex Exploration expenditure Production growth Maintenance 1 Based on USD/NOK exchange rate of 11 2. Rebased for portfolio measures 2019-2026 2Q 2020 2020 bn USD bn USD? Percent, CAGR? mboe per day mboe per day 9 | by Lars Christian Bacher, Chief Financial Officer equinor ** OF May
Slide 10: 1st Quarter 2020 results
1st Quarter 2020 results Lars Christian Bacher Chief Financial Officer 7 May 2020
Slide 11: Forward-looking statements
Forward-looking statements ‘This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as “ombition’, ‘continue’, “could, estimate’, ‘expect’, believe", focus’ kel’, "may’, ‘outlook’, ‘plan’. “srategy’ “will, “quidance’, targe
Slide 12: 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 7881 918792 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 Fjellhei