Equinor Asa · OSL:EQNR
Equinor Asa — StatoilHydro — Q1 2009 Earnings Presentation
33 slides from Equinor Asa's earnings presentation, 2009
Slide 1: High production and solid operations
1 High production and solid operations 1. Kvartal 09 1st quarter 2009 Konsernsjef Helge Lund
Slide 2: Solid operational performance
2 Solid operational performance 3.9 39.3 Key characteristics of 1q 2009 51.4 • Lower oil price • Solid operations 35.5 3.9 • Good down-stream performance 27.6 • Impact from change in functional NOK bn currencies 16.0 4.0 1 Q 2008 1 Q 2009 Fin. Charges Net Income Tax Net Operating Income
Slide 3: Equity production as planned
3 Equity production as planned 1 1, 2 2048 2074 1950 2 824 860 1 000 boepd equity production 1224 1214 1Q 2008 Oil Gas 1Q 2009 2009 guidance Oil Gas 1) Average PSA effect is 139 000 boepd in the firs quarter of 2009, compared to 159 000 boepd in the first quarter of 2008 2) Effect of OPEC cuts on in
Slide 4: Net Operating Income by business area
4 Net Operating Income by business area Items Adjusted Items Adjusted Reported impacting earnings Reported impacting earnings Business area 1Q 2009 earnings 1Q 2009 1Q 2008 earnings 1Q 2008 (NOK bn) E&P Norw ay 30.0 (0.3) 29.7 42.2 0.2 42.4 International E&P (2.3) 2.6 0.3 4.3 1.8 6.1 Natural Gas 5.8
Slide 5: Company structure and functional currency
5 Company structure and functional currency Split ownership of licences New company structure, licences consolidated StatoilHydro ASA StatoilHydro ASA StatoilHydro Petroleum AS StatoilHydro StatoilHydro New functional Petroleum AS M&M & other subs. Norsk Hydro currencies Petr. AS Former Statoil Form
Slide 6: Net Financial Items
6 Net Financial Items 1Q 2009 Financial income Currency 1.0 (1.5) Net Financial Items NOK bn Financial expenses (2.9) (3.9) Securities (0.5)
Slide 7: Guiding
7 Guiding • Equity production • 2009: 1.95 million boepd • 2012: 2.2 million boepd • Capex 2009: USD ~13.5bn • Exploration 2009 • Expenditures: USD ~2.7bn • Unit Production Cost • 2009-2012: NOK 33-36/boe • 2009: Upper range
Slide 8: Supplementary
8 Supplementary 1. Kvartal 09 1st quarter 2009 Konsernsjef Helge Lund
Slide 9: Supplementary information
9 Supplementary information Earnings 10 Adjusted earnings by segment 11 Items impacting income statement 12 Items impacting income statement -detail 13 Segment taxes 14 Adjusted earnings – 1Q08 vs 1Q09 15 Adjusted earnings break-down –Natural Gas 16 Adjusted earnings break-down- Manufacturing & Mark
Slide 10: Earnings overview
10 Earnings overview 0.5 3.9 NOK bn 51.5 36.0 27.6 4.0 Adjusted * Adjusted * Adjustements to Financial items Income taxes Net Income earnings earnings earnings 1Q 2009 1Q 2008 1Q 2009 * Adjusted earnings: Adjusted (underlying) net operating income
Slide 11: Adjusted earnings by segment 1Q
11 Adjusted earnings by segment 1Q Adjusted earnings for the segments 1st Quarter (in NOK billion) 2009 2008 Change E&P Norway 29.7 42.4 (30 %) International E&P 0.3 6.1 (95 %) Natural Gas 5.0 3.0 67 % Manufacturing & Marketing 1.6 0.2 741 % Other (0.6) (0.1) (412 %) Adjusted Earnings for group 36.0
Slide 12: Items impacting income statement 1Q
12 Items impacting income statement 1Q 1Q 2009 1Q 2008 (NOK billions) Before tax After tax Before tax After tax Impairment 2.4 2.4 2.5 2.5 Derivatives 0.1 0.5 -0.8 -0.1 Over/underlift -0.6 0.0 1.7 0.6 Other -1.4 -0.9 -3.3 -2.6 Impact on income statement 0.5 2.0 0.1 0.4
Slide 13: Items impacting net operating income 1Q
13 Items impacting net operating income 1Q 1Q 2009 1Q 2008 (NOK billions) Before tax After tax Before tax After tax Impairments 2,4 2,4 2,5 2,5 INT 2,4 2,4 2,1 2,1 NG 0,0 0,0 0,4 0,4 Derivatives IAS 39 0,1 0,5 -0,8 -0,1 EPN 1,1 0,2 -1,0 -0,2 NG -0,8 0,2 0,6 0,4 Deferred gains on inventories IAS 39 (
Slide 14: Segment taxes
14 Segment taxes Tax on net operating income in: YTD 1Q-2009 YTD 1Q-2008 (bnok) Exploration and Production Norway 22.4 31.8 International Exploration and Production -0.2 3.4 Natural Gas 4.6 1.3 Manufactoring and Marketing 1.0 0.3 Other 0.0 0.0 Eliminations -0.3 0.4 Tax on financial items and other t
Slide 15: Adjusted earnings – 1Q 2008 vs. 1Q 2009
15 Adjusted earnings – 1Q 2008 vs. 1Q 2009 60 12.7 50 5.8 40 1.4 0.5 2.0 0.1 NOK bn. 30 51.5 20 36.0 10 0 1Q 2008 E&P Norway International Natural Gas Manufacturing Other Eliminations* 1Q 2009 E&P & Marketing
Slide 16: Adjusted earnings break-down - Natural Gas
16 Adjusted earnings break-down- Natural Gas Marketing and Trading Processing and Transportation NOK bn 3,3 5.0 3.0 3.0 NOK bn 1.6 2.0 1.4 1Q 2008 1Q 2009 Marketing and Trading Processing and Transportation
Slide 17: Adjusted earnings break-down - Manufacturing & Marketing
17 Adjusted earnings break-down– Manufacturing & Marketing 1.6 0.2 0.2 0.2 0.3 1.2 0.5 NOK bn -0.5 -0.1 1Q 2008 1Q 2009 Other Manufacturing Energy and Retail Oil sales, trading and supply
Slide 18: Development in net debt to capital employed
18 Development in net debt to capital employed Net financial liabilities Net debt to capital employed* 51.7 ** 51.7 ** ** 46.0 43.8 43.5 20%** 21% 20%** NOK bn 18% 17% 25.5 12% 2006 2007 2008 1Q 09 2006 2007 2008 1Q 09 * Debt to capital employed ratio = Net financial liabilities/capital employed **
Slide 19: Long term debt portfolio
19 Long term debt portfolio Redemption profile 31.03.2009
Slide 20: Cash flow 2009
20 Cash flow 2009 75 Change in Change in working non-current Depreciations capital items and non cash items 2.2 50 (14.3) Taxes 19.6 paid NOK bn Repayment Income New LT of LT before tax borrowings borrowings (17.9) Net ST Cash flows (4.2) borrowings Change in investing liquid assets 25 activities (4
Slide 21: StatoilHydro production per field 1Q 2009
21 StatoilHydro production per field 1Q 2009 StatoilHydro-operated StatoilHydro share Produced volumes Partner-operated StatoilHydro share Produced volum es 1000 boed Oil Gas Total 1000 boed Oil Gas Total Alve 85,00 % 0,6 1,8 2,4 Ekofisk 7,60 % 22,0 3,7 25,6 Brage 32,70 % 12,1 1,3 13,4 Enoch 11,78 %
Slide 22: International E&P equity production per field 1Q09
22 International E&P equity production per field 1Q09 E&P International Produced equity volumes - StatoilHydro share StatoilHydro share Liquids Gas Total Alba 17,00 % 5,2 5,2 Caledonia 21,32 % 0,0 0,0 Jupiter 30,00 % 1,7 1,7 Schiehallion 5,88 % 2,3 0,1 2,4 Lufeng 75,00 % 2,8 2,8 Azeri Chiraq (ACG EO
Slide 23: Exploration StatoilHydro group
23 Exploration StatoilHydro group Exploration 2009 YTD Exploration activity 5.23 (2.1) 3.89 2.7 (2.6) 2.7 2.7 3.8 2.1 1.7 International E&P 2.5 E&P Norway 2.5 1.4 1.4 1.8 Activity Capitalised From prev Expenses Items Adjusted 1Q 2008 1Q 2009 years IFRS impacting Expenses
Slide 24: Manufacturing & marketing: margins and prices
24 Manufacturing & marketing Margins and prices FCC NWE refining margins Methanol contract price USD/bbl EUR/ton 2009 2008 550 14 500 12 450 10 400 350 8 300 6 250 4 200 150 2 100 0 50 J F M A M J J A S O N D J F M A M J J A S O N D
Slide 25: Dated Brent development NOK vs USD
25 Manufacturing & Marketing Dated Brent development NOK VS USD Brent Dated in US$ and NOK 160 800 140 700 120 600 100 500 NOK/bbl US$/bbl 80 400 60 300 40 200 20 100 0 0 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Brent Dated in US$ Brent Dated in NOK
Slide 26: Reconciliation ROACE
26 Reconciliation ROACE Calculation of numerator and denominator used in ROACE calculation [12] Twelve months ended 31 March Full Year [in NOK billion, except percentages) 2003 2008 2008 Net income for the last 12 months 31.2 50.7 43.3 After-tax net financial items for the last 12 months 13.3 (8.6)
Slide 27: Reconciliation of overall operating expenses to production cost
27 Reconciliation of overall operating expenses to production cost
Slide 28: Normalised production cost per boe
28 Normalised production cost per boe
Slide 29: Reconciliation of net debt to capital employed
29 Reconciliation of net debt to capital employed
Slide 30: Forward looking statements
30 Forward looking statements This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "believe", "intend", "expect", "anticipate", "plan", "target" and similar expressions to identify forward-looking statements. All stat
Slide 31: End notes
31 End notes 1. After-tax return on average capital employed for the last 12 months is calculated as net income after-tax net financial items adjusted for accretion expenses, divided by the average of opening and closing balances of net interest-bearing debt, shareholders' equity and minority intere
Slide 32: Investor relations in StatoilHydro
32 Investor relations in StatoilHydro Lars Troen Sørensen senior vice president [email protected] +47 51 99 77 90 Morten Sven Johannessen IR officer [email protected]+47 51 99 42 01 Herlaug Louise Barkli IR officer [email protected] +47 51 99 21 38 Anne Lene Gullen Bråten IR officer a
Slide 33: StatoilHydro is an integrated technology-based international energy company
StatoilHydro is an integrated technology-based international energy company primarily focused on upstream oil and gas operations. Headquartered in Norway, we have more than 30 years of experience from the Norwegian continental shelf, pioneering complex offshore projects under the toughest conditions